I think forcing tax on Bitcoins might set a dangerous precedence - then it will become regulated and centralized like worthless fiat currency (printed form thin air) is. If it ever happened here in New Zealand, I'd probably lose interest in Bitcoins - I don't want to promote anything that is controlled by a government or government-controlled authority.
Do people think that countries around the world can be serious about regulating Bitcoins like fiat currency? If so, we need to stand up and say no!
Topic: Australian tax department discussing Bitcoin tax without consulting CCCB (Read 7968 times)
December 31, 2013, 10:08:22 PM
December 31, 2013, 09:43:30 PM
Whats the go with giftcards purchased with bitcoin? I guess these businesses could be audited by the ATO. However gyft.com in the US as far as I know is all done online so no sending a physical gift card to an address.
Also if I bought a few bitcoins at $130 on an exchange via credit card etc and then cashout later via some other service at $1k each or so what sort of tax will that attract?
So many unanswered questions. Really murky waters at the moment.
Also if I bought a few bitcoins at $130 on an exchange via credit card etc and then cashout later via some other service at $1k each or so what sort of tax will that attract?
So many unanswered questions. Really murky waters at the moment.
December 20, 2013, 02:30:10 AM
So... where are we with the CCCB and the ATO?
I've been consulting with a well respected tax firm (who have also sought information from a variety of other sources) and at present they cannot offer me any solid answer on how the ATO think btc->fiat transactions will be viewed.
They recommend if I was to cash out any btc to hold $46% in a term deposit and wait until May the following year (deadline for accountant submitted tax returns) and hope that the ATO has a decision before then... if they go down he CGT route then only pay 23%.
Anyone else got anything more solid?
I've been consulting with a well respected tax firm (who have also sought information from a variety of other sources) and at present they cannot offer me any solid answer on how the ATO think btc->fiat transactions will be viewed.
They recommend if I was to cash out any btc to hold $46% in a term deposit and wait until May the following year (deadline for accountant submitted tax returns) and hope that the ATO has a decision before then... if they go down he CGT route then only pay 23%.
Anyone else got anything more solid?
I have no further insight to add - but how did it work for people in previous years? I imagine that people sold decent amounts of Bitcoin last financial year, and maybe even the FY before that too.
What if the ATO hasn't made any decision by mid 2014. Do you simply just put it down as CGT, or do you not declare anything as the ATO has not been able to provide advice on what Bitcoin is?
Also, on a related topic, is it possible to move to New Zealand for a year, sell Bitcoins there (as they have no CGT), then move back here with your money? Being out of Australia for a year means you won't be an Australian for tax purposes.
Treat as asset to be conservative unless you were trading. If trading, you must show it is a hobby and not systematic. If systematic then pay full taxes. IMHO, best not to spend btcs.
December 20, 2013, 02:28:11 AM
So... where are we with the CCCB and the ATO?
I've been consulting with a well respected tax firm (who have also sought information from a variety of other sources) and at present they cannot offer me any solid answer on how the ATO think btc->fiat transactions will be viewed.
They recommend if I was to cash out any btc to hold $46% in a term deposit and wait until May the following year (deadline for accountant submitted tax returns) and hope that the ATO has a decision before then... if they go down he CGT route then only pay 23%.
Anyone else got anything more solid?
I've been consulting with a well respected tax firm (who have also sought information from a variety of other sources) and at present they cannot offer me any solid answer on how the ATO think btc->fiat transactions will be viewed.
They recommend if I was to cash out any btc to hold $46% in a term deposit and wait until May the following year (deadline for accountant submitted tax returns) and hope that the ATO has a decision before then... if they go down he CGT route then only pay 23%.
Anyone else got anything more solid?
I have no further insight to add - but how did it work for people in previous years? I imagine that people sold decent amounts of Bitcoin last financial year, and maybe even the FY before that too.
What if the ATO hasn't made any decision by mid 2014. Do you simply just put it down as CGT, or do you not declare anything as the ATO has not been able to provide advice on what Bitcoin is?
Also, on a related topic, is it possible to move to New Zealand for a year, sell Bitcoins there (as they have no CGT), then move back here with your money? Being out of Australia for a year means you won't be an Australian for tax purposes.
Acid test is country of domicile.
December 01, 2013, 04:57:12 AM
So... where are we with the CCCB and the ATO?
I've been consulting with a well respected tax firm (who have also sought information from a variety of other sources) and at present they cannot offer me any solid answer on how the ATO think btc->fiat transactions will be viewed.
They recommend if I was to cash out any btc to hold $46% in a term deposit and wait until May the following year (deadline for accountant submitted tax returns) and hope that the ATO has a decision before then... if they go down he CGT route then only pay 23%.
Anyone else got anything more solid?
I've been consulting with a well respected tax firm (who have also sought information from a variety of other sources) and at present they cannot offer me any solid answer on how the ATO think btc->fiat transactions will be viewed.
They recommend if I was to cash out any btc to hold $46% in a term deposit and wait until May the following year (deadline for accountant submitted tax returns) and hope that the ATO has a decision before then... if they go down he CGT route then only pay 23%.
Anyone else got anything more solid?
I have no further insight to add - but how did it work for people in previous years? I imagine that people sold decent amounts of Bitcoin last financial year, and maybe even the FY before that too.
What if the ATO hasn't made any decision by mid 2014. Do you simply just put it down as CGT, or do you not declare anything as the ATO has not been able to provide advice on what Bitcoin is?
Also, on a related topic, is it possible to move to New Zealand for a year, sell Bitcoins there (as they have no CGT), then move back here with your money? Being out of Australia for a year means you won't be an Australian for tax purposes.
November 28, 2013, 02:59:51 AM
So... where are we with the CCCB and the ATO?
I've been consulting with a well respected tax firm (who have also sought information from a variety of other sources) and at present they cannot offer me any solid answer on how the ATO think btc->fiat transactions will be viewed.
They recommend if I was to cash out any btc to hold $46% in a term deposit and wait until May the following year (deadline for accountant submitted tax returns) and hope that the ATO has a decision before then... if they go down he CGT route then only pay 23%.
Anyone else got anything more solid?
I've been consulting with a well respected tax firm (who have also sought information from a variety of other sources) and at present they cannot offer me any solid answer on how the ATO think btc->fiat transactions will be viewed.
They recommend if I was to cash out any btc to hold $46% in a term deposit and wait until May the following year (deadline for accountant submitted tax returns) and hope that the ATO has a decision before then... if they go down he CGT route then only pay 23%.
Anyone else got anything more solid?
May 26, 2013, 05:30:38 AM
Haha OP you so crazy! The ATO better not make any decisions without consulting you! What are they thinking‽
Seriously see a professional.
Seriously see a professional.
May 26, 2013, 05:26:59 AM
Quote
setting up the Crypto Currency Central Bank a Global organisation with myself as the President.
A 'Central Bank' for a decentralised currency ...
hmmmmm
May 26, 2013, 05:18:26 AM
And if you're not trolling, please never attempt to represent me or the australian crypto community again.
What qualifications or experience to you have that you feel justifies appointing you as the head of a central bank for a decentralised system like this?
What qualifications or experience to you have that you feel justifies appointing you as the head of a central bank for a decentralised system like this?
May 26, 2013, 04:48:19 AM
I'm pretty sure he's just trolling. Nothing about it in Australia being mention. Few of us that are involved in the Australian market place are watching out for news like that and haven't heard anything.
Bitcoinpro i do hope you are just having a troll. I would hate to think you were actually serious and messing with the gov and stuff.
Bitcoinpro i do hope you are just having a troll. I would hate to think you were actually serious and messing with the gov and stuff.
May 14, 2013, 08:41:39 AM
Uhh is it just me or does the OP seem like he's a few sandwiches short of a picnic?
Yep, OP a crazy
May 13, 2013, 11:03:32 PM
who cares what he is claiming to be. the point here is bitcoin and the Australian tax department.
i am very keen to hear what they have to say about bitcoin because it will have a huge impact on bitcoin in Australia. I have no interest in hearing about weather or not this person's title is real or not. I think some people on here just post anything to build up their post count.let's try keeping this about Australian tax law and bitcoin now.
i am very keen to hear what they have to say about bitcoin because it will have a huge impact on bitcoin in Australia. I have no interest in hearing about weather or not this person's title is real or not. I think some people on here just post anything to build up their post count.let's try keeping this about Australian tax law and bitcoin now.
April 27, 2013, 01:36:54 PM
This approach seems completely counter to Bitcoin's decentralised nature. I'd be very suspicious of any organisation claiming to represent bitcoins, especially with the word 'central' in its title.
April 25, 2013, 12:22:32 PM
Quote
The Australian taxation office says it does not know if profit earned from trading in bitcoin, the online digital currency, should be taxed. Interest in bitcoin has surged in recent weeks, giving investors a wild ride. Its value has risen from $15 at the start of the year to $266 last week before slumping to about $126 yesterday.
While the digital currency is attracting growing interest from conventional investors - trading frim IG markets has launched a service allowing clients to bet on movements in its value - the ATO is still carrying out a review.
We are currently considering the tax implications of digital currencies, " the tax office said.
It looks to me like people are using bitcoin to gamble on its price with this kind of volatility we're seeing.While the digital currency is attracting growing interest from conventional investors - trading frim IG markets has launched a service allowing clients to bet on movements in its value - the ATO is still carrying out a review.
We are currently considering the tax implications of digital currencies, " the tax office said.
Quote
The tax office will also need to consider whether purchases paid by bitcoin - which is under the control of no government or central bank - are regarded as barter, in-kind payments or payments in a foreign currency.
In-kind payments / Barter - from the ATO website:
Quote
What is barter?
In its simplest form, bartering involves the direct exchange of goods or services for other goods or services without reference to money or money value.
I don't see how a barter definition for Bitcoin could work to their advantage as far as taxing goesIn its simplest form, bartering involves the direct exchange of goods or services for other goods or services without reference to money or money value.
Foreign currency - probably not as Bitcoin would need to be formalised into an ISO standard.
April 25, 2013, 11:47:27 AM
Are you sure its going to be good for the BTC world by speaking to the Government, ATO and media about the "bank" you have just setup ?
Considering the only information about your bank appears to be a couple of threads asking if people want to join and you appointing yourself the president.
Also I'm no legal expert.. but don't you need some kind of license or what not to setup a bank. Shouldn't you register the bank as an actual business or financial institution ?
Assuming the people you contacted actually take you seriously and look into the CCCB they are going to think BTC users are morons. Luckily isn't to far from the truth in some cases
Considering the only information about your bank appears to be a couple of threads asking if people want to join and you appointing yourself the president.
Also I'm no legal expert.. but don't you need some kind of license or what not to setup a bank. Shouldn't you register the bank as an actual business or financial institution ?
Assuming the people you contacted actually take you seriously and look into the CCCB they are going to think BTC users are morons. Luckily isn't to far from the truth in some cases
April 25, 2013, 07:49:03 AM
Uhh is it just me or does the OP seem like he's a few sandwiches short of a picnic?
Its not just you.
nonsense, and off topic
Read the thread. Many of the replies are comments on your sanity or lack thereof. I personally have no idea if you have mental health issues but you do give people that impression.
your mental health is whats bothering me
As president of the CCCB I'm sure you have many pressing issues to bother you. I feel oddly flattered that you can turn your attention from global financial markets to my mental wellbeing even if its only for a few short minutes.
Thank you.
don't mention it
April 25, 2013, 07:45:02 AM
Uhh is it just me or does the OP seem like he's a few sandwiches short of a picnic?
Its not just you.
nonsense, and off topic
Read the thread. Many of the replies are comments on your sanity or lack thereof. I personally have no idea if you have mental health issues but you do give people that impression.
your mental health is whats bothering me
As president of the CCCB I'm sure you have many pressing issues to bother you. I feel oddly flattered that you can turn your attention from global financial markets to my mental wellbeing even if its only for a few short minutes.
Thank you.
April 25, 2013, 07:41:15 AM
Uhh is it just me or does the OP seem like he's a few sandwiches short of a picnic?
Its not just you.
nonsense, and off topic
Read the thread. Many of the replies are comments on your sanity or lack thereof. I personally have no idea if you have mental health issues but you do give people that impression.
just because I've setup the CCCB?
please
April 25, 2013, 07:38:25 AM
Uhh is it just me or does the OP seem like he's a few sandwiches short of a picnic?
Its not just you.
nonsense, and off topic
Read the thread. Many of the replies are comments on your sanity or lack thereof. I personally have no idea if you have mental health issues but you do give people that impression.
April 25, 2013, 06:28:46 AM
Uhh is it just me or does the OP seem like he's a few sandwiches short of a picnic?
Its not just you.
nonsense, and off topic
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