Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
What's the deal in Aus anyway? How do they even know the money you recieve is Bitcoin related, or how long you've owned those coins (assuming the over one year - 50% cap gains applies)?
well you know we're all spied on these days, actually the bank could possibly notify the tax office if money comes from an exchange - the strange thing is we don't pay tax on winnings from lotteries or gambling, you'd think high risk investments would fit into that category.
The reason why in AU we don't pay tax on lottery or gambling winnings is because our lottery or gambling costs would be tax deductible if so.
Regarding capital gains tax, I believe that the tax you pay is the same as if it was part of normal income. So you would only pay near 45% if you were already earning over 180k. It is an honesty system, you are free to not declare, but audits are not fun, the presumption of innocence is reversed. You have to prove you are not guilty, not the ATO having to prove you guilty.