Australian members

[luk3sg]

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

[subSTRATA]

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.

[Stapleddiet]

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.

[Pk880058]

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.

but how can they hunt us down if they don't know that what address we are using.

[crazyearner]

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