[2015-12-12] Bitcoin’s alleged architect troubled by monetary, tax points

[shane]

Bitcoin’s alleged architect troubled by financial, tax issues

By Jane Wardell and Jeremy Wagstaff

SYDNEY/SINGAPORE, Dec 11 (Reuters) – Australian Craig Steven Wright is the latest in a line of men alleged to be the mysterious creator of bitcoin, a digital currency that has attracted the interest of banks, speculators, criminals and regulators.

Wired magazine, which along with fellow U.S. publication Gizmodo published a story outing Wright based on a stash of leaked documents and emails, called him a genius.

But interviews with those who have done business with Wright, and a closer inspection of documents published by the two technology websites paint a more complex picture. They point to a smart but sometimes abrasive figure facing growing legal and financial problems at least in part caused by his involvement with bitcoin.

http://www.stardailystandard.com/uk/bitcoins-alleged-architect-troubled-by-financial-tax-issues/63457/

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[Kprawn]

I guess most of the early adopters are in the same boat... They have a shitload of coins, but they cannot convert to fiat, because that will bring capital gains into the picture. Does

anyone know how the Australian tax system work in regards to the declaration of investments or assets? If you do not declare these bitcoins in Australia, even if you received no

monetary gain from it, will you be in trouble with the tax man?