Coinjar.io

RetardedMonkey said:
I could argue that it's a hobby for me I suppose. Since I never really 'bought' Bitcoins, only mined them.
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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".
 
goldpelican said:
Uh, why wouldn't gains from BTC be taxable? Had a private ruling to that effect?
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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?
 
capt.sparrow said:
goldpelican said:
Uh, why wouldn't gains from BTC be taxable? Had a private ruling to that effect?
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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?
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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.
 
capt.sparrow said:
asdfghjkl32 said:
Once ATO do an internal "google" search with the keyword coinjar

Bitcoin anonymous no more...
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how so?

what's so bad about coinjar?
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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.
 
Emanance said:
Anyone know which chart coinjar bases their buy back on. Big difference between Mt Gox & btc-e prices.
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Their web site says:
CoinJar Fair Rate is our proprietary exchange rate feed that aims to reflect the true price of Bitcoin in all major currencies by gathering data from several major exchanges.
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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! :o
 
Google is your friend - a couple of articles from June this year:

http://www.afr.com/p/technology/ato_targets_bitcoin_users_oawpzLQHDz2vEUWtvYLTWI

The Australian Taxation Office is taking aim at Bitcoin users who could be attracted to the burgeoning virtual currency by the possibility of hiding transactions and dodging tax.

Despite the ability to trade virtual currencies like Bitcoin anonymously, the ATO is confident it can track users in efforts to stop fraud.

"Bitcoin is no more anonymous than physical cash and the ATO has experience in working with earlier forms of -anonymous electronic money systems, and with physical cash, which are relevant for responding to new and emerging -systems," ATO senior assistant -com-missioner for the cash economy Michael Hardy told The Australian -Financial Review.
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and

http://www.businessinsider.com.au/the-ato-says-bitcoins-have-been-taxable-since-the-get-go-2013-6

Bitcoin users take note: not only will the Australian Taxation Office be taxing Bitcoin transactions this year; they've been taxable since inception.

A Tax Office spokesperson says Australia's Income Tax Assessment Act 1936 is "independent of references to particular currencies".

That means that if you've made money investing in Bitcoins anytime since the currency was introduced in 2009, you should be prepared to be taxed on your gains.

...

It is most important that people engaged in any type of transaction with Bitcoin or other payment systems keep detailed records and evidence about what trades they make and the source of any assumptions about the value of any transaction in Australian dollars.

This will minimise the risk of there being a difference of opinion between a taxpayer and the ATO over the correct valuation and treatment of a transaction for taxation purposes."
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RetardedMonkey said:
I could argue that it's a hobby for me I suppose. Since I never really 'bought' Bitcoins, only mined them.
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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 :D 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.
 
As long as you are not trying to evade paying taxes on your income, you should be all right.
 
leo25 said:
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.
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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!!
 
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