30 Jun '14, 9pm

Australian Tax Office: No Ruling on Bitcoin For Now

Australian Tax Office: No Ruling on Bitcoin For Now

The Australian Tax Office (ATO), the government agency dedicated to revenue collection, has decided to delay its ruling on bitcoin, pleasing some individual taxpayers but creating uncertainty for businesses and investors. The ATO had since February promised a definitive ruling on how it would treat bitcoin in time for this year’s tax return submission period, which would have started tomorrow. ABC New s reports an ATO spokesperson said the office delayed its ruling to further consider the many submissions it had received, and ensure its decision was legal: “To ensure our advice to the community is comprehensive and robust we have sought further advice from external legal counsel.” It will now seek that advice from Australia’s Solicitor-General Justin Gleeson. Playing safe The report says bitcoin-accepting businesses, traders and investors will now be left “in limbo”, unsur...

Full article: http://www.coindesk.com/australian-tax-office-ruling-bitc...

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