ATO Tax On Bitcoin
ATO The Australian Taxation Office’s recent guidelines on Bitcoin have classed it as an asset instead of a currency.
This means the purchase of Bitcoins will attract GST.
The way to solve the problem is for the ATO to treat Bitcoin as a “foreign currency” which removes the need to pay GST.
Bitcoin is officially recognized as “private money” in Germany and the United Kingdom.
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We hope this recognition by foreign governments may satisfy the Australian tax law of Bitcoin and other cryptocurrencies’ status as “foreign currency”.
sources: https://bitawareaustralia.org/2014/12/08/submission-to-senate-inquiry/
https://bitawareaustralia.org/2014/12/08/submission-to-senate-inquiry/
we should all help ourselves in support of this great opportunity for our future, many reasons include freedom from the banks, government oversite, freedom to choose, a government is for the people by the people, free country, and many other seasons.
technology is a benefit and helps ie should be accessible for all Australians.
https://www.wanttono.com/ideas-thoughts/ato-tax-bitcoin
