ATO Tax On Bitcoin

ATO The Australian Taxation Office recent guidelines on Bitcoin has classed it as an asset instead of a currency.

ATO bitcoin

 

 

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”.

 

sources: https://bitawareaustralia.org/2014/12/08/submission-to-senate-inquiry/

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 help ie should be accessible for all Australian.

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