the only coin i know with integrated "tax" (demurage) is FRC and this tax returns to miners!
Topic: Australian tax department discussing Bitcoin tax without consulting CCCB - page 3. (Read 7955 times)
April 20, 2013, 12:47:43 AM
i don't think they can tax directly BTC but fiat that is bought by btc, is this the case?
the only coin i know with integrated "tax" (demurage) is FRC and this tax returns to miners!
the only coin i know with integrated "tax" (demurage) is FRC and this tax returns to miners!
April 20, 2013, 12:39:00 AM
umm is the CCCB a real thing... ?
and why would the ATO/government need to run it by you and this bank ?
*edit* read some of your posts... not sure if serious.......
and why would the ATO/government need to run it by you and this bank ?
*edit* read some of your posts... not sure if serious.......
April 20, 2013, 12:31:56 AM
Thanks for the info, was wondering how long it would be before they wanted to get their dirty little bum scratchers on our investments.
You may just fly a little kite and ask them if there will be a facility to offset any losses against taxable income too.
IE, suppose my investment in BTC at the 30th of June 2013 = $AUD 2000, but due to the massive market valuations my portfolio value = $AUD 1000.
Seems to me if they want the benefit of the gains then they can wear the losses as well, share and share alike.
You may just fly a little kite and ask them if there will be a facility to offset any losses against taxable income too.
IE, suppose my investment in BTC at the 30th of June 2013 = $AUD 2000, but due to the massive market valuations my portfolio value = $AUD 1000.
Seems to me if they want the benefit of the gains then they can wear the losses as well, share and share alike.
April 19, 2013, 11:56:39 PM
Oh? The Australian kleptocrats want to steal more from people?
I'm shocked!
I'm shocked!
April 19, 2013, 11:51:00 PM
Thanks for the info. Hopefully they don't try and backdate anything.
Your welcome, have an email i sent last week that i will post later, was waiting for the reply from the minister before I put up the initial email but its seems that this press release has preempted that.
April 19, 2013, 11:28:55 PM
Thanks for the info. Hopefully they don't try and backdate anything.
April 19, 2013, 11:10:06 PM
After seeing a press release in the Australian media regarding the Australian Taxation office looking at Bitcoin for Tax purposes which i know they have done because ive been contacting government officials, Ive rung the relevant media outlets to say nothing goes to press without consulting the CCCB and any tax laws or even considering tax laws by the Australian Taxation department must be done in collaboration with the CCCB (Crypto Currency Central Bank) with my position being president, i will keep everyone here informed as to developments. They said they will be calling me back Monday!
Their is no problem with the press releasing information about bitcoin but if it has to do with rules and regulations it will be the CCCB that will take charge!!!
Here is the Press release in full:
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.
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.
Foreign currency is considered a capital gains tax asset by the ATO. But even if the taxman decided bitcoin is not a currency, capital gains tax could still apply.
Melbourne University tax law professor Miranda Stewart said if Bitcoin holders were deemed to buying rights to the computer code that comprised the virtual currency, it could be considered an asset subject to capital gains tax.
Their is no problem with the press releasing information about bitcoin but if it has to do with rules and regulations it will be the CCCB that will take charge!!!
Here is the Press release in full:
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.
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.
Foreign currency is considered a capital gains tax asset by the ATO. But even if the taxman decided bitcoin is not a currency, capital gains tax could still apply.
Melbourne University tax law professor Miranda Stewart said if Bitcoin holders were deemed to buying rights to the computer code that comprised the virtual currency, it could be considered an asset subject to capital gains tax.
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