This would probably fly. Wiring/EFTing money to an exchange, buying and selling at a profit would not be classed as a hobby. Otherwise there would be a million "hobbiest" stock traders out there playing the ASX as a "hobby".
lol no - but i did read a thread on the subject recently on this very forum which made me understand that bitcoins are not taxable because there is no legislation that deals with it? Maybe i just misunderstood what was being said then?
I believe you have a misunderstanding between taxable income and CGT. You are referring to this, no? http://forums.silverstackers.com/message-602823.html#p602823
That's actually a very important point as we move forward. It would be good to hear from an accountant although it's pretty certain they will have never heard about it but they might get a direct answer from ATO. By default I reckon it would just get treated as income and added to your overcome income taxed at your marginal tax rate.
Nothing bad about coinjar, just that if BTC gone up to the moon, our Government may propose whatever reason, bikies, terrorists, weapons, wars, to trace digital currencies, and could also look into anyone who has forgotten to report to ATO about their gain in BTC. So, where to start if you are assigned to do this job? Bank accounts of course... So no more anonymous to ATO.
If you are trying to evade the ATO, regardless in BTC or else, you are bound to get caught. Better Lawyer up.
Their web site says: In dollar terms, from watching the Gox and Coinjar prices earlier today, my impression is that it's about US$20-30 below the Gox price. However, Coinjar only seems to change its 'spot' figure every minute or two, and given current volatility, the Gox price can change significantly in that time!
Google is your friend - a couple of articles from June this year: http://www.afr.com/p/technology/ato_targets_bitcoin_users_oawpzLQHDz2vEUWtvYLTWI and http://www.businessinsider.com.au/the-ato-says-bitcoins-have-been-taxable-since-the-get-go-2013-6
Mine's a mix - mined a bunch of LTC, plus bought (and now selling) some BTC. Since I plan to declare my income/profits from sales of BTC and LTC (via conversion to BTC), I also plan to claim the cost of LTC mining ... GPU's, power supply, and electricity Then I'll have to depreciate the cost of mining equipment ... I NEED A TAX ACCOUNTANT !!! :lol:
Some questions about how they can survive on 2% fees? Well when I finally put my order in at 1140 am (after holding for the dip that didnt all morning) It was saying something like $785 So i got about .6 bit then all the craziness happened so they weren't likely to buy it then to send me. (major chance missed their) It's currently still only 74% delivered So i figure they will probably send it to me some odd time tonight when they can get it cheapest as my price is already locked in, making a tidy profit. I'm glad we have the service in Australia but all it makes me think Is it's screaming for someone to come along and do it here better. Both BTC and LTC.. How hard could it be right?
The way things are going you're going to be more anonymous dealing with cash then with bitcoin. Seems like you have to fork over a heap of details just to play the bitcoin game and now the ATO are going to be looking at all your activity with magnify glass if they see you're using bitcoin. Might as well hold up a massive sign that says LOOK AT ME! Unless you're a true bitcoin used and never plan to cash out, which is no one.
I do the $500 max in bank deposit Can do it every 24 hours and it's anonymous, Aside from the bank ladies that know me... And having wrote it on here Doh!!
