http://www.smh.com.au/technology/technology-news/australian-tax-office-decides-bitcoins-are-assets-not-currency-20140820-1063gq.htmlThe Tax Office released long-awaited guidance on the tax treatment of cryptocurrencies on Wednesday, spurred by their rapid adoption by businesses and consumers alike.
Bitcoin is a virtual online currency used for direct payment between people and businesses. It is unregulated and operates outside of the financial establishment. People buy bitcoins, Litecoins and others to keep in their digital wallets. Smartphone apps and online accounts allow people to transfer their coins to others in payment for goods and services.
