Australia’s Tax Office Delays Decision on Bitcoin
Back in April, the CoinTelegraph reported on Australia’s Tax Office (ATO) gearing up to meet with head figures of the Bitcoin industry, accounting and tax experts to issue a ruling on digital currencies in the country that was expected to be delivered on June 30. With the deadline here, the ATO now reports that it has delayed the much anticipated ruling until further notice, essentially leaving the fate of the country’s thriving Bitcoin economy “in limbo.” Many had hoped that some possible tax guidance would be released with the decision before the end of the fiscal year. Apparently, the....
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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....
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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....
The delays come on a day when the price of bitcoin surpassed its all-time high.