[2014-06-10] ABC Australia: Virtual coin but taxation still real: ATO on Bitcoin

[msb17]

http://buda.li/ZsuZj - Virtual coin but taxation still real: ATO targets Bitcoin

[Swordsoffreedom]

Well I clicked on the article for some reason suspicious on newbie press with short urls but its real.

http://www.abc.net.au/am/content/2014/s4021976.htm
Virtual coin, but taxation still real: ATO targets Bitcoin

Basically a conversation on Bitcoin regulation in Australia

Excrypt from article

CHRIS UHLMANN: The Australian Taxation Office has been grappling for years with the difficult question on how to classify the digital currency Bitcoin.

Freedom of Information documents obtained by AM show the tax office has been keeping a detailed watching brief on Bitcoin related issues and news.

The file shows a few years ago the agency was sceptical but soon realised that people could use internet currencies to avoid paying tax. Now it appears the tax office has got its head around digital currencies and is preparing to release rules on how it will treat Bitcoin transactions under taxation law.

[ganabb]

So just to be clear, if I sold some Bitcoins on MtGox last year and the amount in AUD was greater than 10k, do I need to file taxation ?

[Ron~Popeil]

Well I clicked on the article for some reason suspicious on newbie press with short urls but its real.

http://www.abc.net.au/am/content/2014/s4021976.htm
Virtual coin, but taxation still real: ATO targets Bitcoin

Basically a conversation on Bitcoin regulation in Australia

Excrypt from article

CHRIS UHLMANN: The Australian Taxation Office has been grappling for years with the difficult question on how to classify the digital currency Bitcoin.

Freedom of Information documents obtained by AM show the tax office has been keeping a detailed watching brief on Bitcoin related issues and news.

The file shows a few years ago the agency was sceptical but soon realised that people could use internet currencies to avoid paying tax. Now it appears the tax office has got its head around digital currencies and is preparing to release rules on how it will treat Bitcoin transactions under taxation law.

Translation: It is now big enough that we need to get our cut.

[msb17]

... suspicious on newbie press with short urls ...

Yeah sorry about the shot URL and fully understand the suspicion.