The Australian Taxes Office (ATO) right now introduced its long-awaited guidelines how bitcoin organizations and individual consumers will soon be taxed in Australia.
The guidelines are related in characteristics to those released by Singapore in January, which acquired a mixed reply from the bitcoin neighborhood.
In summary, bitcoins shall not really be considered to be ‘money’, and will also be taxed in the same way to additional barter or non-cash transactions. As in Singapore, this raises the specter of double-taxation for many bitcoin transactions.
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