Topic: Australian Taxation Ruling on Bitcoin (Read 871 times)
Is it a true news? The transaction of Bitcoins are anonymous, how to confirm the dealing amount and pay tax for it? Does the monitoring system grow so mature？
Not to sure about this,
If you have acquired bitcoin as an investment, but are not carrying on a business of bitcoin investment, you will not be assessed on any profits resulting from the sale or be allowed any deductions for any losses made (however, capital gains tax could apply – although see the comments above about personal transactions). However, if your transactions amount to a profit-making undertaking or plan then the profits on disposal of the bitcoin will be assessable income.
If you have acquired bitcoin as an investment, but are not carrying on a business of bitcoin investment, you will not be assessed on any profits resulting from the sale or be allowed any deductions for any losses made (however, capital gains tax could apply – although see the comments above about personal transactions). However, if your transactions amount to a profit-making undertaking or plan then the profits on disposal of the bitcoin will be assessable income.
https://www.ato.gov.au/general/gen/tax-treatment-of-crypto-currencies-in-australia---specifically-bitcoin/
they just have one legal loophole in this statement
"reputable bitcoin exchange"
Joe's fish and chip shop could be considered a reputable bitcoin exchange atm
they just have one legal loophole in this statement
"reputable bitcoin exchange"
Joe's fish and chip shop could be considered a reputable bitcoin exchange atm
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