Topic: Australian tax department discussing Bitcoin tax without consulting CCCB - page 2. (Read 7955 times)

Its not just you.

Uhh is it just me or does the OP seem like he's a few sandwiches short of a picnic?

Good luck...

Uhhh yeah - please don't try and represent me as an Australian in any way, I'd much prefer to be on my own considering your 'letter'.

have sent of a mail to the ATO from the CCCB

it will be online soon Ill let you know if there is any major delays

I imagine the CCCB has an advanced and sophisticated designer website befitting the torch-bearer of the global digital age...

the australian tax office cannot be contacted by email  

have written an email to them and its seems as though i cannot send it

they want me to use snail mail on a topic like bitcoin that is a leading edge technology of the internet  

http://www.ato.gov.au/

what are you trying to do ?
like what is the goal here ?

You should also try use "I" instead of "i" when writing form letters... and spell check

If the ATO can prove I made bitcoins from anything other than satoshidice then good luck to them....

as mentioned earlier and in my pledge to make the CCCB as transparent as possible when acting in my capacity here is a copy of the letter i sent to a government minister in Australia this week

Greetings  i am writing to bring to your attention the new age in currency,

being heralded by Crypto Currencies with the lead currency being Bitcoin, these digital currencies

are made through thousands of strong computers linked together in a peer network using

CIA/NSA Cryptography to make uncrackable encryptions that are used to store value.

Having been a very early adopter of Bitcoins and this technology i have gone about the process of

setting up the Crypto Currency Central Bank a Global organisation with myself as the President.

Now for the main purpose of this letter I need your help, my plan is to amalgamate the CCCB

with the Australian government and Reserve Bank also joining along side the Central Banks around

the world including the World Bank.

This is not a half hearted endevour the global bitcoin community is awaiting our response and

any regulation would also include taxation for the Australian government.

Can you please consult the relevant parties be they one of the senators or Federal Goverment

Employees like reserve bank members including Mr Swan, i shall keep in close contact and look

forward to big things!

Really cool if you're receiving BTC as a merchant in return for goods and/or services, but what about the humble PAYG earner?

Yes you do. In Australia, the "transaction medium" is priced at market rates.  Think Barter Card.

Real World Example:  I received 5 BTC at ~$48 AUD per BTC ($250).  I sell 3 BTC  at $70AUD/ BTC  not long after.

I declare the full $250 as income and keep the 2 BTC.  I declare the 2 BTC as part of a "cash on hand/ float" asset at the market rate*.
Any losses or profit I make when I convert the 2 BTC to $AUD is then entered as profit or loss.

* I get to choose the rate.  Because it's the wild west (no benchmark pricing) I choose the "best price" for the reporting period.

What about purchases with bitcoins?  Say your bitcoins have risen in value 2000%, you now have enough value to purchase a house or a car.  You find a seller that is willing to accept BTC for their house/car, what taxes would the buyer be liable for?

Ironically - if bitcoin is defined as a currency, then the price go up because of the added legimacy. If Bitcoin is considdered tax-free gamblimng, the price goes up because of the tax-break(and added legimacy).

My business has been accepting bitcoin since late 2011.  All bitcoins have been declared for income and GST (consumption tax e.g VAT for the uninformed) purposes and I have had no issues at all. 

The trading of bitcoin for speculation purposes is still up in the air.  Gambling income in Australia is tax free.

So they have to make a decision soon.  If bitcoin is a real currency, then tax must be paid on capital gains, if not, let the bots begin!!!!

You should probably learn to use your shift key if you plan to issue media releases.

Australians concerned about how Bitcoin will be taxed can ask for an individual ruling from the ATO.  If you have an individual ruling, the ATO is bound to honour it for that financial year even if the ATO's eventual decision on how to treat something for tax purposes in general is at odds with that ruling.  They basically have no recourse against you if they get it wrong (bear in mind that Australia works on self-assessment so the onus is usually in the taxpayer to get it right).

Different taxation issues will arise for different Bitcoin users.  Following the advice of a tax agent does not protect you from liability if your tax agent gets it wrong.

For a while i thought i was the only one that had no idea...

who are you?

Uhhhh. what?