Australian Tax Office (ATO) Releases Draft Ruling and Guidance Paper on Bitcoin

Australia, Bitcoin, Uncategorized
The Australian Tax office (ATO) has released a draft ruling and guidance paper to the Australian public in time for the 2013-2014 end of financial year and is seeking feedback. The ATO Correspondence We Received A copy of the correspondence that we received (a mass mailing) can be found below: From: Bitcoin@ato.gov.au Subject: ATO releases guidance on the taxation treatment of bitcoin [SEC=UNCLASSIFIED] Date: Wed, 20 Aug 2014 04:39:10 +0000 Hello everyone, The ATO has just released the guidance paper on the taxation treatment of bitcoin, and a series of draft public rulings. The guidance paper is a simple explanation of the taxation treatment for most common transactions while the public rulings give more involved legal analysis. We are accepting comment on the public rulings. The guidance paper will be updated,…
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For Merchants: Getting started with Crypto Currencies like Bitcoin and Litecoin

Australia, Coin Manual (General), Uncategorized
If you're a merchant, or own a business or storefront, you may have heard about accepting Bitcoins, Litecoins, Dogecoins or any other sort of crypto currencies out there. You may also be wondering what in the world these things are and why they matter. We've put together here at CoinManual a short beginners guide for getting started with Cryptocurrencies, including these iconic coins, as well as some important information you'll want to know. What are Crypto Currencies? At their core, cryptocurrencies are digital coins (meaning they are stored online) that are exchanged between people, businesses and other organizations spend and receive. There are many types of cryptocurrencies, the two most popular being Bitcoin and Litecoin. Just like a regular currency, it has a value based on who trusts it. For example,…
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Australian Tax Office Makes Ruling on the treatment of Bitcoin and other Crypto Currencies

Australia, Bitcoin, Tax, Uncategorized
The Australian Tax Office has now completed its review regarding the treatment of Bitcoin and other cyrpto currencies. Information can be found here. As this page changes somewhat frequently we have preserved the relevant content below (copied 22-July-2014) for retention's sake: Status Consultation completed Purpose To seek input from a business community perspective about the impacts of differing taxation treatments of Bitcoin and other crypto currencies on the Australian business community. Description Industry representatives from professional and Bitcoin associations, and leading businesses involved in the emerging Bitcoin community, met on 29 April 2014. Attendees provided valuable information about their business models and how different tax treatments would impact their clients, members and businesses. Who we consulted Industry representatives from profession and Bitcoin associations. Outcomes The group provided valuable feedback on ATO…
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