20 Aug '14, 4am

Australian Bitcoin Industry Unhappy After Tax Office Issues Guidelines

Australian Bitcoin Industry Unhappy After Tax Office Issues Guidelines

The Australian Tax Office (ATO) today released its long-awaited guidelines on how bitcoin businesses and individual users will be taxed in Australia. The guidelines are similar in nature to those issued by Singapore in January, which received a mixed response from the bitcoin community. In summary, bitcoins will not be regarded as ‘money’, and will be taxed in a similar way to other non-cash or barter transactions. As in Singapore, this raises the specter of double-taxation for some bitcoin transactions. Likely to be impacted most are businesses who have been transacting in bitcoin and treating it equally to the national currency, the Australian dollar (AUD). Titled Tax treatment of crypto-currencies in Australia – specifically Bitcoin , the four-page guideline document is a “general in nature” draft version only, and not yet legally binding. The ATO has also not indicated...

Full article: http://www.coindesk.com/australian-bitcoin-industry-unhap...

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