The Resource Bit by bit, bitcoin guidance is coming

Bit by bit, bitcoin guidance is coming

Label
Bit by bit, bitcoin guidance is coming
Title
Bit by bit, bitcoin guidance is coming
Creator
Subject
Language
eng
Summary
The Australian tax Office (ATO) released on 20 August 2014 a number of draft tax determinations and a guidance paper, in which it states that bitcoin and other cryptocurrencies are not money or currency for taxation purposes. Instead, bitcoins used in business are trading stock or a capital gains tax (CGT) asset. As such, bitcoin transactions should be treated as barter transactions, whereby one asset (bitcoins) is exchanged for another asset or services. This article gives a brief summary of each of the drafts pronouncements
Citation source
In: The Taxpayer. - Victoria. - (November 2014), no. 5 ; p. 107-110
http://library.link/vocab/creatorName
Tsoi, L
Language note
English
http://library.link/vocab/subjectName
  • digital economy
  • e-commerce
  • capital gains tax
  • GST
  • barter
  • fringe benefits
Label
Bit by bit, bitcoin guidance is coming
Instantiates
Publication
Label
Bit by bit, bitcoin guidance is coming
Publication

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