Australia Government Taxes Bitcoin
There is still a few more days left for submitting comments to the NYDFS regarding the BitLicense, but for some Australian Bitcoin companies it is already too late. The Living Room of Satoshi has suspended all operations in light of the recent goods and services tax (GST) ruling on bitcoin. The Living Room of Satoshi was “a simple, secure way to pay your everyday Australian bills (electricity, rego, phone, credit card, etc) with bitcoin.” Unfortunately, under the new GST ruling, Living Room of Satoshi customers would be taxed once when sending funds to the company, and again when the....
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As a wise man once said, there is no escaping taxes and death once you are born. When Bitcoin was introduced, however, there was a glimmer of hope, most of us thought that we might just be able to escape taxes. Unfortunately, it was short lived, as the IRS decided to impose taxes on virtual currency holdings. Now that Bitcoin is considered as an official asset by various government agencies in the United States, one can do nothing but pay the toll. How do we know what is taxable and what is not? Well, for that we have a few experts who can help us understand, but it will be easier if you....