no one is avoiding paying taxes, bitcoin is a global currency its called a totally new concept
that does not matter in tax laws... if i have a capital gain from bitcoin, i would have to pay taxes. it does not matter if im exchanging them back into fiat: i still had a gain.sure which part then
http://www.ato.gov.au/corporate/pathway.aspx?pc=001/001/038
I'm pretty sure the "type" of gain from bitcoin is still to be decided. I think it would be hard to argue that unrealised gains from held bitcoins are taxable. By that same logic, unrealised gains from the Monet I have hanging in my loungeroom (I wish!!) are taxable income every year.
But to say that it's not at all taxable is just plain ignorant - but I acknowledge there is a difference between taxable and able-to-be-taxed.
