Magistrate rules BTC is money

mmm....shiney!

mmm....shiney!

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I'm not sure how much weight a magistrate's opinion holds but I'm sure there'll be some raised eyebrows in the ATO. For a start a magistrate is not a judge, but anyway...

A judge says bitcoin is just another form of money, which means it could be exempt from capital gains tax – a decision that upends the Australian Taxation Office’s approach to taxing cryptocurrency and could open the door to millions in refunds.
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https://www.afr.com/wealth/personal...your-bitcoin-profits-tax-free-20250430-p5lvft
 
Yep....ATO will appeal that at a higher court and most likely win. Govt ain't giving that cash back without a fight.
 
I wonder if that judge has some BTC? :) If he keeps this up he will be flipping burgers for his next job.
 
Thought BTC was the decentralised nirvana money that govt couldn't get involved in?

Yet you have to pay CGT in it? Sounds like the govt is involved.
 
leo25 said:
I wonder if that judge has some BTC? :) If he keeps this up he will be flipping burgers for his next job.
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Well the precedent set overseas is that you become the leader of your nation and then pump your business interests and assets.
 
Ag bullet said:
Thought BTC was the decentralised nirvana money that govt couldn't get involved in?

Yet you have to pay CGT in it? Sounds like the govt is involved.
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You mean just like gold then?

Edit to add: don't conflate BTC's utility which doesn't rely on a third party with its appreciation as an asset class which does attract the attention of the ATO.
 
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