Australian tax department discussing Bitcoin tax without consulting CCCB

[solex]

Having been a very early adopter of Bitcoins and this technology i have gone about the process of

setting up the Crypto Currency Central Bank a Global organisation with myself as the President.

I imagine the CCCB has an advanced and sophisticated designer website befitting the torch-bearer of the global digital age...

[1715227670]

1715227670

[1715227670]

1715227670

[1715227670]

1715227670

[1715227670]

1715227670

[Bitcoinpro]

Having been a very early adopter of Bitcoins and this technology i have gone about the process of

setting up the Crypto Currency Central Bank a Global organisation with myself as the President.

I imagine the CCCB has an advanced and sophisticated designer website befitting the torch-bearer of the global digital age...

it will be online soon Ill let you know if there is any major delays

[Bitcoinpro]

have sent of a mail to the ATO from the CCCB

[Peleus]

Uhhh yeah - please don't try and represent me as an Australian in any way, I'd much prefer to be on my own considering your 'letter'.

[nebulus]

Having been a very early adopter of Bitcoins and this technology i have gone about the process of

setting up the Crypto Currency Central Bank a Global organisation with myself as the President.

Good luck...

[btbrae]

Uhh is it just me or does the OP seem like he's a few sandwiches short of a picnic?

[Hawker]

Uhh is it just me or does the OP seem like he's a few sandwiches short of a picnic?

Its not just you.

[Bitcoinpro]

Uhh is it just me or does the OP seem like he's a few sandwiches short of a picnic?

Its not just you.

nonsense, and off topic

[Hawker]

Uhh is it just me or does the OP seem like he's a few sandwiches short of a picnic?

Its not just you.

nonsense, and off topic

Read the thread.  Many of the replies are comments on your sanity or lack thereof.  I personally have no idea if you have mental health issues but you do give people that impression.

[Bitcoinpro]

Uhh is it just me or does the OP seem like he's a few sandwiches short of a picnic?

Its not just you.

nonsense, and off topic

Read the thread.  Many of the replies are comments on your sanity or lack thereof.  I personally have no idea if you have mental health issues but you do give people that impression.

just because I've setup the CCCB?

please

[Hawker]

Uhh is it just me or does the OP seem like he's a few sandwiches short of a picnic?

Its not just you.

nonsense, and off topic

Read the thread.  Many of the replies are comments on your sanity or lack thereof.  I personally have no idea if you have mental health issues but you do give people that impression.

your mental health is whats bothering me

As president of the CCCB I'm sure you have many pressing issues to bother you.  I feel oddly flattered that you can turn your attention from global financial markets to my mental wellbeing even if its only for a few short minutes.

Thank you.

[Bitcoinpro]

Uhh is it just me or does the OP seem like he's a few sandwiches short of a picnic?

Its not just you.

nonsense, and off topic

Read the thread.  Many of the replies are comments on your sanity or lack thereof.  I personally have no idea if you have mental health issues but you do give people that impression.

your mental health is whats bothering me

As president of the CCCB I'm sure you have many pressing issues to bother you.  I feel oddly flattered that you can turn your attention from global financial markets to my mental wellbeing even if its only for a few short minutes.

Thank you.

don't mention it

[Justin00]

Are you sure its going to be good for the BTC world by speaking to the Government, ATO and media about the "bank" you have just setup ?
Considering the only information about your bank appears to be a couple of threads asking if people want to join and you appointing yourself the president.

Also I'm no legal expert.. but don't you need some kind of license or what not to setup a bank. Shouldn't you register the bank as an actual business or financial institution ?

Assuming the people you contacted actually take you seriously and look into the CCCB they are going to think BTC users are morons. Luckily isn't to far from the truth in some cases

[dadj]

The Australian taxation office says it does not know if profit earned from trading in bitcoin, the online digital currency, should be taxed. Interest in bitcoin has surged in recent weeks, giving investors a wild ride. Its value has risen from $15 at the start of the year to $266 last week before slumping to about $126 yesterday.

While the digital currency is attracting growing interest from conventional investors - trading frim IG markets has launched a service allowing clients to bet on movements in its value - the ATO is still carrying out a review.

We are currently considering the tax implications of digital currencies, " the tax office said.

It looks to me like people are using bitcoin to gamble on its price with this kind of volatility we're seeing.

The tax office will also need to consider whether purchases paid by bitcoin - which is under the control of no government or central bank - are regarded as barter, in-kind payments or payments in a foreign currency.

In-kind payments / Barter - from the ATO website:

What is barter?
In its simplest form, bartering involves the direct exchange of goods or services for other goods or services without reference to money or money value.

I don't see how a barter definition for Bitcoin could work to their advantage as far as taxing goes

Foreign currency - probably not as Bitcoin would need to be formalised into an ISO standard.

[No_2]

This approach seems completely counter to Bitcoin's decentralised nature. I'd be very suspicious of any organisation claiming to represent bitcoins, especially with the word 'central' in its title.

[yocko06]

who cares what he is claiming to be. the point here is bitcoin and the Australian tax department.
i am very keen to hear what they have to say about bitcoin because it will have a huge impact on bitcoin in Australia. I have no interest in hearing about weather or not this person's title is real or not. I think some people on here just post anything to build up their post count.let's try keeping this about Australian tax law and bitcoin now.

[btctraderr]

Uhh is it just me or does the OP seem like he's a few sandwiches short of a picnic?

Yep, OP a crazy

[BitHub]

I'm pretty sure he's just trolling. Nothing about it in Australia being mention. Few of us that are involved in the Australian market place are watching out for news like that and haven't heard anything.

Bitcoinpro i do hope you are just having a troll. I would hate to think you were actually serious and messing with the gov and stuff.

[ausbitbank]

And if you're not trolling, please never attempt to represent me or the australian crypto community again.
What qualifications or experience to you have that you feel justifies appointing you as the head of a central bank for a decentralised system like this?

[Jobe7]

setting up the Crypto Currency Central Bank a Global organisation with myself as the President.

A 'Central Bank' for a decentralised currency ...

hmmmmm