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Title: [2014-08-21] Digital money hit: taxman demands a take of the bitcoin action Post by: zakoliverz on August 21, 2014, 03:46:16 AM http://www.theaustralian.com.au/business/digital-money-hit-taxman-demands-a-take-of-the-bitcoin-action/story-e6frg8zx-1227031295639?nk=75abb224e07a8246d0aaf792b10a1b11
Individuals will be slapped with capital gains tax upon the sale of their bitcoins — just as they would with shares. However, there will be no tax implication on goods or services purchased for personal use of up to $10,000. Bitcoin, created in 2009, was the first crypto-currency and relies on mathematical algorithms for its value. It is not issued or controlled by a central bank. |