Hmmm -- is this the end of BTC in AUS? !! Furious !! - page 3.

seriouscoin

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Quote from: findftp on August 20, 2014, 04:24:16 AM

Quote from: geraFoerra on August 20, 2014, 04:14:21 AM

Quote from: gtraah on August 20, 2014, 03:31:19 AM

But I don't want to pay more than 15% on top of btc price.

So you basically have to use exchanges outside AUS for not being charged +15%.

Or you have to use something like localbitcoins.
Buy them from someone else.
Although this method also introduces a premium

Nope, according to the guidance ..... the GST only apply to business tx. So localbitcoiners wont have to worry about double tax (otherwise, it would be impossible to enforce)

This guidance is so amusing, whoever came up with this dumbest idea should be shot.

findftp

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Delusional crypto obsessionist

Quote from: geraFoerra on August 20, 2014, 04:14:21 AM

Quote from: gtraah on August 20, 2014, 03:31:19 AM

But I don't want to pay more than 15% on top of btc price.

So you basically have to use exchanges outside AUS for not being charged +15%.

Or you have to use something like localbitcoins.
Buy them from someone else.
Although this method also introduces a premium

seriouscoin

hero member

Activity: 658

Merit: 500

Quote from: gtraah on August 20, 2014, 03:41:15 AM

But do the US have to pay tax on each purchase of bitcoin? like from aud to btc we may have to pay tax .. like we pay tax on any good we buy GST it's called
http://www.coindesk.com/australian-bitcoin-industry-unhappy-tax-office-issues-guidelines/
above link , last 2 paragraphs before the 1st sub-heading have my hopes up

LOL this is not a problem. You can use exchange outside of AU

This tax ruling is useless. Sooner or later, they will change it.

Quote

Non-business personal transactions using bitcoin would not be subject to income tax or GST. In such transactions, any capital gain or loss from disposal of the bitcoins will be disregarded if the value is under AUD$10,000 (USD$9,300).

Actually this seems better for avg person than in US, no capital gain tax for <$10,000 ?

geraFoerra

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Quote from: gtraah on August 20, 2014, 03:31:19 AM

But I don't want to pay more than 15% on top of btc price.

So you basically have to use exchanges outside AUS for not being charged +15%.

gtraah

sr. member

Activity: 420

Merit: 250

But do the US have to pay tax on each purchase of bitcoin? like from aud to btc we may have to pay tax .. like we pay tax on any good we buy GST it's called
http://www.coindesk.com/australian-bitcoin-industry-unhappy-tax-office-issues-guidelines/
above link , last 2 paragraphs before the 1st sub-heading have my hopes up

gtraah

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Activity: 420

Merit: 250

But I don't want to pay more than 15% on top of btc price. yes I know they can't stop it but they can destroy it's buying power and render it useless to use.. ...

haploid23

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Bitcoin still runs perfectly fine no matter how much regulations (or lack thereof). No amount what laws are passed, it doesn't change bitcoin fundamentals or the protocol. I will admit that these kind of things are a bit of an inconvenience, but it can't completely kill btc, even if every country passes similar laws. Currently, the IRS in the US taxes bitcoin in the same way, except we get it even worst where it's considered as a currency in a different branch of the government.

In the US, it's effectively being taxes like property, but regulated as a currency.

Meuh6879

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you can't stop BTC.

gtraah

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Activity: 420

Merit: 250

http://www.smh.com.au/technology/technology-news/australian-tax-office-decides-bitcoins-are-assets-not-currency-20140820-1063gq.html

I am absolutely furious about this and have a VERY bad feeling, I was actually in BTC for long term even if it went down to $40 per BTC, but this has got me really pissed and borderline edgy thinking if I should even bother anymore.

http://www.theaustralian.com.au/business/latest/bitcoin-to-cop-gst-ato/story-e6frg90f-1227030976018?nk=fa025c20b23bd9e73e725988d137e0f2

I absolutely love this shit, and it really has got me down even more then if the price went to $300...

One thing I am keen to see is what the owner of Coinjar said in the last link

"Melbourne-based Bitcoin company CoinJar’s co-founder Asher Tan said that while his company already has international expansion plans on the cards, the ATO’s guideline paper certainly gives businesses like CoinJar plenty to think about.

“But there are ways to work around the regime,” he said."

Guys what do you think? what would you do seriously? I mean taxed twice is an absolute PUNISH, who will do that just to buy anything with Bitcoin, no one will EVER buy bitcoin in AUS, and there goes yet another country on the BTC list!!

Topic: Hmmm -- is this the end of BTC in AUS? !! Furious !! - page 3. (Read 3413 times)