ATO Tax On Bitcoin
ATO The Australian Taxation Office recent guidelines on Bitcoin has 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 a “private money” in Germany and the United Kingdom.
We hope this recognition by foreign governments may satisfy Australian tax law of Bitcoin and other cryptocurrencies status as “foreign currency”.
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