[LINK] Bitcoin .. ATO's draft guidance

[JanW]

At 11:31 AM 25/08/2014, Brendan wrote:

>I find the categorisation of Bitcoin as an asset a little odd. 
>Barter systems typically rely on things of inherent use value. I'd 
>be intrigued to know where they locate it - ie a number -  for tax purposes.

The strange thing about this is saying it attracts GST. I guess if 
they classify it as 'barter', which is subject to but seldom to my 
knowledge is enforced, the ATO can justify it. But if it's a pseudo 
currency, we'd be paying GST on bank transactions, heaven forbid.

Jan



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