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ATO releases ruling on bitcoin

Posted on Aug 25, 2014 by CFL Financial

The ATO has issued its decision on the treatment of bitcoin, and other crypto-currencies, for tax purposes. Bitcoin is a form of virtual digital currency that has been gaining popularity worldwide. Based on the  average number of daily transactions, bitcoin has overtaken western transfer and is fast approaching PayPal as the world’s most popular form of online transaction.

Bitcoin is unregulated and operates outside of the global financial system. The ATO has ruled that making purchases with bitcoin essentially amounts to bartering, and as such the virtual currency will be treated as an asset, rather than as money, for tax purposes.

In the eyes of the ATO, bitcoin will be treated similarly to shares. There is no need for individuals to declare bitcoin to the ATO until they dispose of it, in which case it may be be subject to capital gains tax. Individuals may also use bitcoin to purchase up to $10 000 worth of personal items, and it will be considered as personal assets use. If an employee receives bitcoin as part of their remuneration package then this may be subject to fringe benefits tax.

Bitcoin enthusiasts across the country have expressed disappointment in the decision, claiming that it will drive investment in bitcoin offshore, and cut Australia our of the emerging digital currency economy.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

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The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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QLD 4000

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Brisbane,
QLD, 4001

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