Bitcoin: Australian Tax Office to release new rules on transactions

[Notanon]

http://www.abc.net.au/news/2014-06-10/australian-tax-office-release-new-rules-on-bitcoin-transactions/5511624

Some guidelines on digital currencies with regards to taxation to appear by the end of the month. They've been mulling it over for a few years, so hopefully they'll be reasonable and balanced.

[QuestionAuthority]

I bet Jeremy of SpendBitcoins is biting his nails waiting for that to come out. He stopped servicing US customers ages ago because of the impending regulatory environment. Now he may be in the same boat down under.

[Swordsoffreedom]

Also hoping for some clear fair regulations on Bitcoin transactions
Perhaps similar to a Canada ruling since they share similar policies in the commonwealth

"I think it's quite exciting that the tax office is actually recognising bitcoin," said Jason Williams, president of the Bitcoin Association of Australia.

"I really hope that the tax office identifies bitcoin as money and it is treated accordingly."

Something similar to taxable as capital gains if earned from speculation
Income if you run a bitcoin business
Property if your a miner etc.

[Notanon]

Yeah, might even allow for merchants who were hesitant about allowing BTC to be used to pay for goods to enable the option to do so. That'll be the main positive effect, IMO.

[Ron~Popeil]

Yeah, might even allow for merchants who were hesitant about allowing BTC to be used to pay for goods to enable the option to do so. That'll be the main positive effect, IMO.

A framework always helps eliminate uncertainty. Look how much capital and infrastructure came up after the US finally gave some guidance.

[TaunSew]

Remarkable that Governments are reacting so strong to something which only has a capitalization under $10 billion.  I think many are being cautious and assuming crypto currencies could be worth trillions in the future

[QuestionAuthority]

Remarkable that Governments are reacting so strong to something which only has a capitalization under $10 billion.  I think many are being cautious and assuming crypto currencies could be worth trillions in the future

I think you're on to something there. Could you imagine world governments getting upset and regulating Dropbox to death? Dropbox is worth about $10 billion. Politicians see the writing on the wall and it scares the hell out of them.

[Ron~Popeil]

Remarkable that Governments are reacting so strong to something which only has a capitalization under $10 billion.  I think many are being cautious and assuming crypto currencies could be worth trillions in the future

I think you're on to something there. Could you imagine world governments getting upset and regulating Dropbox to death? Dropbox is worth about $10 billion. Politicians see the writing on the wall and it scares the hell out of them.

They are starting to realize that this technology will reduce their power to protect us from ourselves. This might cause us to realize we don't really need them after all.