Australian Taxation Office Slated to Provide Tax Guidance on Bitcoin by June 30th
Australia's tax authority is slated to provide tax guidance for users of bitcoin and other "alternative payment systems" before June 30th, according to a statement provided by the Australian Taxation Office's (ATO) senior assistance commissioner Michael Hardy on the Financial Review's Channel 9 program on Sunday. "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 stated. Hardy said that "paying for goods and services with new types of payment tokens such as Bitcoin still means that....
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The Australian Tax Office (ATO) is poised to prepare tax guidance for users of bitcoin and other digital currencies, reports indicate. Officials at the tax authority have made the decision to meet with what has been described as "key figures" in the bitcoin/crypto industry in Sydney on Tuesday. Those key figures include bitcoin-related business operations and tax experts who will assist in the release of a draft discussion paper as soon as next week. Officials at the ATO are reportedly looking to gather more information on how bitcoin transactions, investments, and income should be....
It has been three weeks since the Australian tax office postponed offering guidance on how taxpayers Down Under should report Bitcoin earnings. “The group provided valuable feedback on ATO propositions that have been part of our deliberations for an Australian position on this tax treatment. We have sought further advice from external legal counsel, which has delayed the release of the guidance paper. On Tuesday, a little bit of insight emerged as to how this guidance might look. On the Australian Tax Office’s Completed Matters page, a consultation meeting with Bitcoin businesspeople that....
Today was the day many Australians that dabble in bitcoin and other digital currencies were very much looking forward to. The country's tax authority - the Australian Tax Office - was due to release guidance on the use of bitcoin. But they haven't, and it looks like there's going to be a delay period of another month, according to iTnews. "It remains our priority to provide the community with the final guidance paper in time for people to complete their 2013-14 income tax returns," said a spokesperson for the tax office, but of course, tax payers are still very much in the dark. But....
There's been some minor commotion when it comes to the Australian stance on bitcoin. In short, people aren't happy (just take a look at the recent news from Coinjar). And now, we're learning that the Australian Senate is planning to launch an inquiry into bitcoin and other digital currencies. Specifically, the Senate Economic References Committee will be conducting the examination. Sam Dastyari, the Committee's chair, is responsible for spearheading the inquiry. So, just what the inquiry cover? According to ITNews, the purpose of the inquiry is to take a look at what options the Australian....
The ATO today released its final ruling on taxation of digital currencies, with the majority of the draft version's important provisions still intact. Most importantly, goods and services tax (GST) will still be imposed on bitcoin exchanges, leading to double taxation if those bitcoins are then spent on goods or services. The Australian Tax Office (ATO), the government agency dedicated to revenue collection, has decided to delay its ruling on bitcoin, pleasing some individual taxpayers but creating uncertainty for businesses and investors. The ATO had since February promised a definitive....