29 Aug '14, 2pm

Australian Tax Official: Bitcoin Could Be ‘Money’ if Growth Continues - #Bitcoin #taxes #money ht…

Australian Tax Official: Bitcoin Could Be ‘Money’ if Growth Continues - #Bitcoin #taxes #money ht…

Lately, it has been getting harder and harder to pinpoint the position of the Australian Tax Office (ATO) with respect to Bitcoin. Earlier this week the ATO announced that Bitcoin would not be considered money for tax purposes in a highly criticized decision that would in effect place a double tax burden on many Bitcoin businesses and merchants that accept Bitcoin. Interestingly enough the Tax Office also ruled that wages paid in Bitcoin would be taxed at the same rate as traditional currency, as if the wages were “money” in what appears to be a double standard. The new announcement yesterday changed the playing field yet again. Tax commissioner Chris Jordan said that while Bitcoin cannot currently be considered money this might change in the future with wider acceptance and use. Australia has however been on the cutting edge of Bitcoin development for some time and is one...

Full article: http://cointelegraph.com/news/112395/australian-tax-offic...

Tweets

Bitcoin could be considered legal tender, Australian tax official says

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reuters.com 29 Aug '14, 11pm

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reuters.com 29 Aug '14, 11pm

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reuters.com 29 Aug '14, 11pm

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