Tax office to crack down on Bitcoin capital gains and GST(AUS)
by
Crypto0
on 10/02/2014, 01:02:28 UTC
Investors and businesses that trade using the digital currency Bitcoin are on notice as the Australian Taxation Office plans to be among the first to crack down on undisclosed capital gains and GST at tax time this year.
In a statement provided to Financial Review Sunday on Channel 9, ATO senior assistant commissioner Michael Hardy said the tax office has been monitoring the growth in Bitcoins along with other alternative payment systems and will provide further advice to taxpayers before June 30.
The ATO is working on a holistic understanding of the taxation treatment of Bitcoin to be in a position to provide certainty for the Australian community, he says.
The ATOs US counterpart, the Internal Revenue Service, is looking to release similar guidelines this year.
The Australian Securities and Investments Commission has also confirmed to The Australian Financial Review that Bitcoins are on its regulatory radar.
Electronic currencies or crypto currencies which include Bitcoins are a developing area globally. Like other regulatory bodies around the world, ASIC is considering whether and how current legislation (such as the Corporations Act) might apply to these arrangements, ASIC spokeswoman Hilarie Dunn says.
State authorities in Florida on Thursday announced criminal charges targeting three men who allegedly ran illegal businesses moving large amounts of cash in and out of the Bitcoin virtual currency. Experts say this is likely the first case in which Bitcoin vendors have been prosecuted under state anti-money laundering laws, and that prosecutions like these could shut down one of the last remaining avenues for purchasing Bitcoins anonymously.
State authorities in Florida on Thursday announced criminal charges targeting three men who allegedly ran illegal businesses moving large amounts of cash in and out of the Bitcoin virtual currency. Experts say this is likely the first case in which Bitcoin vendors have been prosecuted under state anti-money laundering laws, and that prosecutions like these could shut down one of the last remaining avenues for purchasing Bitcoins anonymously.
Try localbitcoins.com You might have a neighbor that will sell you some BTC. If they know where you live, they may take your paypal.
thank you for reminding, but we all know what paypal is or is not, still paypal transactions taking place on this forum everyday
It is not good to assume knowledge in others without any evidence of that knowledte. You should mention these in your ad, or you take the risk that the person you trade with DOES NOT know that they are taking a risk. Doing that will help you build your own reputation after you successfully and ethically complete your trade.
you are exaggerating the risk of paypal transaction, there is a way to receive paypal funds without risk of chargeback, nevertheless thank you for your diligence, keep up the good work and get some energy drinks there will be many threads Paypal > BTC and you have to respond to everyone of them we are counting on you