ATO Tax On Bitcoin

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

 

 

 

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 “private money” in Germany and the United Kingdom.

We hope this recognition by foreign governments may satisfy the Australian tax law of Bitcoin and other cryptocurrencies’ status as “foreign currency”.

 

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

https://bitawareaustralia.org/2014/12/08/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 Australians.