Well, I'm still in talks for setting up a BTC to AUD exchange - possibly similar to the britcoin.co.uk one - and probably call it http://CoinGaroo.net.au
I invite your advice and commentary.
There's a few ways that it could work - each with their own pros an cons, and possible legal implications.Method 1 - Customers trade with EFT Deposit
In this method - a customer will deposit either BitCoins or AUD with CoinGaroo. (Via EFT to a bank account or transfer of BTC.) A customer selling BTC receives the AUD, and vice versa. (I think this is what BritCoin does, but with 10 hours time difference I can't get clarification right now.)
Pros: No serious risk of fraud.
Cons: CoinGaroo holds customer funds in a bank account - possible legal issue 
.. therefore, might have to establish a Trust Fund - see legal issue 
Cons: 1 in 20 (estimate) will forget to include Payee Reference.Method 2 - Customer trade with Direct Debit
In this method, a customer has to accept a direct debit authority in order to have the AUD withdrawn from their account and deposited into the BTC seller's account when the BTC are transferred from CoinGaroo BTC pouch.
Pros: CoinGaroo does not hold any customer's AUD at any time.
Cons: Wouldn't you freak out if I asked you for a DD agreement?
Cons: Have to confirm DD success before transferring BTC.
Cons: Have to write up detailed policies I expect.
Possibility: Investigate BPAY systemMethod 3 - Simplified trade - CoinGaroo to buy and sell BTC
In this method, CoinGaroo would receive payments via EFT and send BTC directly to the sender.
Pros: Almost trivial to set up.
Cons: CoinGaroo only has 120 BTC. I'd have to find a way to buy them first in order to sell them.
Cons: I don't currently know how to set this up securely - probably a zoho DB would suffice.
Cons: Might affect reportable turnover - not sure.Global
The entire system is of course at risk as to what future rulings happen re BTC.
Any computerised system would be semi-manual at this stage adding delays.
Likely need to purchase an SSL cert.
Likely need to develop robust terms and conditions document.
Possible need to be able to cease trading if adverse event occurs - fraud, BTC system collapse, etc.
Possible risk of associating with Bitcoin brand due to anonymity capabilities
Possible risk of zero-day bug in automated system or hack of server.
Possible search warrant if illegal use of AUD or BTC traced to CoinGaroo supply.
Since you can't really buy much with BTC in Australia yet, I'd probably initially market it as an easy way to get money overseas with lower fees than those imposed using other methods.Taxation and Legal Issues
 A local financial advisor states that if I hold money for other people it needs to be in a trust account or I could be thrown in jail. Another disagrees saying it's like selling gift cards. I don't know the answer yet...
 Good news on the taxation front is that currency trades do not attract GST.
 Good news on the taxation front is apparently these trades to not count towards my turnover (at least not in method 2, not sure 1 and 3) and I only need to consider any profit as counting towards my turnover. (This is an issue as Cool Country Consulting - parent of CoinGaroo - currently runs on turnover around 65kAUDpa, thus not needing to account for GST and having a competitive advantage in residential IT support pricing.)
 No response yet from the ATO re legality of trading in virtual commodities.