[2014-08-20] Bitcoin to cop GST: ATO

[epere]

http://www.theaustralian.com.au/business/latest/bitcoin-to-cop-gst-ato/story-e6frg90f-1227030976018?nk=e1875c408b1dbde8c9c653d33b02da9b

The Australian Tax Office has decided against treating Bitcoin and other crypto currencies as money, with investors set to pay capital gains tax on the sale of any bitcoins.

Under the ATO’s guidance paper and rulings, Bitcoin transactions will be treated like barter transactions with similar taxation consequences.