People In Australia Have paid over $150k In Bills With Bitcoin

[srgkrgkj]

Bitcoin and Australia have proven to be a worthy combination as this mutual relationship has seen Bitcoin prices remain stable and increase steadily whilst providing Australians with a instant and fee free payment solution to meet their needs. From college fees to paying for a pizza, Bitcoins have become the currency of the future.


read the full story @ http://coinfinance.com/news/people-in-australia-have-paid-over-150k-in-bills-with-bitcoin

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[hodap]

Good thing for Australian.

I wonder if the consumers there get any discount in term of tax saving.

[meadefreling]

Australian government are citizens oriented. Bitcoin for school fees soon.

[Ayers]

would be cool to know the total cost of electricity for all country that mine altcoin

[Full Spectrum]

Australian government are citizens oriented. Bitcoin for school fees soon.

Really? The only western nation without a bill of rights..., but I like their approach to bitcoin.

[itsAj]

Good thing for Australian.

I wonder if the consumers there get any discount in term of tax saving.

I don't think they do. The Australian equivalent of the IRS issued guidance on the taxation of bitcoin that is very similar to how the IRS treats bitcoin. Taxpayers would essentially need to treat any bitcoin transaction like a barter transaction.

[GangkisKhan]

Good thing for Australian.

I wonder if the consumers there get any discount in term of tax saving.

I don't think they do. The Australian equivalent of the IRS issued guidance on the taxation of bitcoin that is very similar to how the IRS treats bitcoin. Taxpayers would essentially need to treat any bitcoin transaction like a barter transaction.

Of course all merchants are aware of the tax regulation in place.

The question in every mind is, does the government have the effective monitoring tool to catch merchants breaking tax law or merchant colluding with consumer to not pay sales tax.

[itsAj]

Good thing for Australian.

I wonder if the consumers there get any discount in term of tax saving.

I don't think they do. The Australian equivalent of the IRS issued guidance on the taxation of bitcoin that is very similar to how the IRS treats bitcoin. Taxpayers would essentially need to treat any bitcoin transaction like a barter transaction.

Of course all merchants are aware of the tax regulation in place.

The question in every mind is, does the government have the effective monitoring tool to catch merchants breaking tax law or merchant colluding with consumer to not pay sales tax.

I don't think that sales tax is as big of an issue, but I would say yes. It would be very easy for the government to conduct a sting operation to check if merchants are allowing customers to avoid sales taxes as they could post as a normal customer as most customers do not buy all that much from merchants.

What taxes I was referring to is income tax on the difference a person bought the bitcoin for and the value of the goods that they exchanged the bitcoin for when they purchased goods from a merchant.

[TimeWatch]

It's good to see such things happening,must welcome to new solutions as Australia by every country around the world

[TheJohn]

Bitcoin and Australia have proven to be a worthy combination as this mutual relationship has seen Bitcoin prices remain stable and increase steadily whilst providing Australians with a instant and fee free payment solution to meet their needs. From college fees to paying for a pizza, Bitcoins have become the currency of the future.


read the full story @ http://coinfinance.com/news/people-in-australia-have-paid-over-150k-in-bills-with-bitcoin

Australia electricity charges is insanely high (about $0.3/kwh). Someone should go there and make a power plant or something, should be really profitable..

[Gargulan]

Good thing for Australian.

I wonder if the consumers there get any discount in term of tax saving.

I don't think they do. The Australian equivalent of the IRS issued guidance on the taxation of bitcoin that is very similar to how the IRS treats bitcoin. Taxpayers would essentially need to treat any bitcoin transaction like a barter transaction.

Of course all merchants are aware of the tax regulation in place.

The question in every mind is, does the government have the effective monitoring tool to catch merchants breaking tax law or merchant colluding with consumer to not pay sales tax.

I don't think that sales tax is as big of an issue, but I would say yes. It would be very easy for the government to conduct a sting operation to check if merchants are allowing customers to avoid sales taxes as they could post as a normal customer as most customers do not buy all that much from merchants.

What taxes I was referring to is income tax on the difference a person bought the bitcoin for and the value of the goods that they exchanged the bitcoin for when they purchased goods from a merchant.

Smart merchants allow regular customers and friends to by pass the sales tax. They won't just make the same offer to any stranger that pass them by.

[marife01]

It will eventually happen to more places with the increasing number of people and nations getting into BTC and other virtual currencies.  

[giveBTCpls]

Actually thanks to Stunna im paying some bills with BTC, is not much but the little im making with the sig campaings is a very nice help for me. Thank BTC 

[itsAj]

Good thing for Australian.

I wonder if the consumers there get any discount in term of tax saving.

I don't think they do. The Australian equivalent of the IRS issued guidance on the taxation of bitcoin that is very similar to how the IRS treats bitcoin. Taxpayers would essentially need to treat any bitcoin transaction like a barter transaction.

Of course all merchants are aware of the tax regulation in place.

The question in every mind is, does the government have the effective monitoring tool to catch merchants breaking tax law or merchant colluding with consumer to not pay sales tax.

I don't think that sales tax is as big of an issue, but I would say yes. It would be very easy for the government to conduct a sting operation to check if merchants are allowing customers to avoid sales taxes as they could post as a normal customer as most customers do not buy all that much from merchants.

What taxes I was referring to is income tax on the difference a person bought the bitcoin for and the value of the goods that they exchanged the bitcoin for when they purchased goods from a merchant.

Smart merchants allow regular customers and friends to by pass the sales tax. They won't just make the same offer to any stranger that pass them by.

It is very difficult to know who can be trusted enough to not report this. It is also hard to know who exactly their customers are. I am sure that a lot of businesses have regular customers that work for the taxing authority and the business owner has no idea.

[transient858]

Good thing for Australian.

I wonder if the consumers there get any discount in term of tax saving.

I don't think they do. The Australian equivalent of the IRS issued guidance on the taxation of bitcoin that is very similar to how the IRS treats bitcoin. Taxpayers would essentially need to treat any bitcoin transaction like a barter transaction.

Of course all merchants are aware of the tax regulation in place.

The question in every mind is, does the government have the effective monitoring tool to catch merchants breaking tax law or merchant colluding with consumer to not pay sales tax.

I don't think that sales tax is as big of an issue, but I would say yes. It would be very easy for the government to conduct a sting operation to check if merchants are allowing customers to avoid sales taxes as they could post as a normal customer as most customers do not buy all that much from merchants.

What taxes I was referring to is income tax on the difference a person bought the bitcoin for and the value of the goods that they exchanged the bitcoin for when they purchased goods from a merchant.

Smart merchants allow regular customers and friends to by pass the sales tax. They won't just make the same offer to any stranger that pass them by.

It is very difficult to know who can be trusted enough to not report this. It is also hard to know who exactly their customers are. I am sure that a lot of businesses have regular customers that work for the taxing authority and the business owner has no idea.

In a small community, just about everyone know each other and know what they do.

And the community also tend to be more friendly and helpful toward each other rather than going behind each other back.

[Swordsoffreedom]

Well that's good news I always like good economic stories about the utility and the usage of Bitcoin worldwide
Today its Australia and its nice to hear and read about.
Not sure about the service myself but in this space the more services the better as long as they provide utility and are functioning without the hint of scammery ^^.

[tinof]

Well that's good news I always like good economic stories about the utility and the usage of Bitcoin worldwide
Today its Australia and its nice to hear and read about.
Not sure about the service myself but in this space the more services the better as long as they provide utility and are functioning without the hint of scammery ^^.

There are also such news in smaller countries like Indonesia, Singapore and Malaysia.

The bitcoin community there are still small, but it is a good start.

[itsAj]

Good thing for Australian.

I wonder if the consumers there get any discount in term of tax saving.

I don't think they do. The Australian equivalent of the IRS issued guidance on the taxation of bitcoin that is very similar to how the IRS treats bitcoin. Taxpayers would essentially need to treat any bitcoin transaction like a barter transaction.

Of course all merchants are aware of the tax regulation in place.

The question in every mind is, does the government have the effective monitoring tool to catch merchants breaking tax law or merchant colluding with consumer to not pay sales tax.

I don't think that sales tax is as big of an issue, but I would say yes. It would be very easy for the government to conduct a sting operation to check if merchants are allowing customers to avoid sales taxes as they could post as a normal customer as most customers do not buy all that much from merchants.

What taxes I was referring to is income tax on the difference a person bought the bitcoin for and the value of the goods that they exchanged the bitcoin for when they purchased goods from a merchant.

Smart merchants allow regular customers and friends to by pass the sales tax. They won't just make the same offer to any stranger that pass them by.

It is very difficult to know who can be trusted enough to not report this. It is also hard to know who exactly their customers are. I am sure that a lot of businesses have regular customers that work for the taxing authority and the business owner has no idea.

In a small community, just about everyone know each other and know what they do.

And the community also tend to be more friendly and helpful toward each other rather than going behind each other back.

Most of the population of the world does not live in a small community.

Also people in a small community often know everyone else's business so it would be more or less public information if one person is breaking the law like this.

[Skrillex]

I wish I'll had some more btc to pay bills

[oceans]

This is great to see that a company is taking advantage of botcoins and using it in this way. I honestly would not have thought that one Country could be using it so much but here I am proved wrong. I guess time will only tell if this starts to happen more in other Countries. It would be nice to see it though.