Quote from: seanneko on December 01, 2013, 09:57:12 AM

Quote from: racerx on November 28, 2013, 07:59:51 AM

So... where are we with the CCCB and the ATO?

I've been consulting with a well respected tax firm (who have also sought information from a variety of other sources) and at present they cannot offer me any solid answer on how the ATO think btc->fiat transactions will be viewed.

They recommend if I was to cash out any btc to hold $46% in a term deposit and wait until May the following year (deadline for accountant submitted tax returns) and hope that the ATO has a decision before then... if they go down he CGT route then only pay 23%.

Anyone else got anything more solid?

I have no further insight to add - but how did it work for people in previous years? I imagine that people sold decent amounts of Bitcoin last financial year, and maybe even the FY before that too.

What if the ATO hasn't made any decision by mid 2014. Do you simply just put it down as CGT, or do you not declare anything as the ATO has not been able to provide advice on what Bitcoin is?

Also, on a related topic, is it possible to move to New Zealand for a year, sell Bitcoins there (as they have no CGT), then move back here with your money? Being out of Australia for a year means you won't be an Australian for tax purposes.

Treat as asset to be conservative unless you were trading. If trading, you must show it is a hobby and not systematic. If systematic then pay full taxes. IMHO, best not to spend btcs.