[2014-08-21] Digital money hit: taxman demands a take of the bitcoin action

[zakoliverz]

http://www.theaustralian.com.au/business/digital-money-hit-taxman-demands-a-take-of-the-bitcoin-action/story-e6frg8zx-1227031295639?nk=75abb224e07a8246d0aaf792b10a1b11

Individuals will be slapped with capital gains tax upon the sale of their bitcoins — just as they would with shares. However, there will be no tax implication on goods or services purchased for personal use of up to $10,000.

Bitcoin, created in 2009, was the first crypto-currency and ­relies on mathematical algorithms for its value. It is not issued or controlled by a central bank.