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Title: Australian members Post by: luk3sg on May 30, 2015, 09:51:07 PM Hi everyone I am new to the forum. I would like to know if there are many Australian users on here. I would like some information regarding the tax implications of using bitcoin in business in Australia.
specifically is GST and income tax applicable to sales even though bitcoin is not considered a currency in Australia (or so I am led to believe) Thank you all in advance Title: Re: Australian members Post by: subSTRATA on June 16, 2015, 08:42:51 PM not from australia but i found some things that might help, worth a quick read.
https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/ https://www.dlapiper.com/en/australia/insights/publications/2014/08/international-tax-news-aug-2014/tax-update-bitcoins-and-gst/ that first link seems to cover a lot of information, including income from a bitcoin business and mining. Title: Re: Australian members Post by: Stapleddiet on June 16, 2015, 08:49:18 PM When I first made a tax return in Oz there were no specific rules on BTC. I said on my return that I received money from overseas but never got a tax bill until this year for the previous time, on top of the bill there was x amount in interest as the likes of a credit card.
They will find out (even if they had no previous rules) and hunt you down if you dont pay CGT. Title: Re: Australian members Post by: Pk880058 on August 03, 2015, 04:18:48 AM When I first made a tax return in Oz there were no specific rules on BTC. I said on my return that I received money from overseas but never got a tax bill until this year for the previous time, on top of the bill there was x amount in interest as the likes of a credit card. but how can they hunt us down if they don't know that what address we are using. They will find out (even if they had no previous rules) and hunt you down if you dont pay CGT. Title: Re: Australian members Post by: crazyearner on August 05, 2015, 08:26:21 AM Well am loving the fact they are making it legal currency in Australia was reading a news post about it last night.
also some more info on taxation on it might want to read this as has info in about being taxed or bitcoin being taxable etc http://www.coindesk.com/australian-senate-committee-seeks-to-overturn-bitcoin-tax-ruling/ and http://www.ibtimes.co.uk/bitcoin-deemed-regular-currency-by-australian-senate-committee-1514009 |