Tax office takes aim at crypto-currencies

[lurk@l0t]

The Australian Taxation Office has said it will tax crypto-currencies such as bitcoin and litecoin and is believed to be considering at least four taxation methods as it canvasses financial and legal bodies.

The Australian Bankers Association, the Law Council of Australia and the Institute of Chartered Accountants are among organisations being consulted on how bitcoin is to be taxed this financial year.

http://www.theaustralian.com.au/tec...l&utm_campaign=editorial&net_sub_uid=5462543#

 

[lurk@l0t]

Same tactics probably that the IRS are using...

Scare the cr@p outa people to keep track of every single bitcoin which they purchase ... and track it right from it's birth right to it's death in your hands... a near impossible task! Which is the idea of course because they want to make it too difficult for people to use bitcoins "legally" (without breaking the tax code laws) so that most sheep law-abiding citizens simply give up on bitcoin!

Behind the scenes however they don't have a prayer of enforcing these taxation rules... lol

 

[iluvbeanz]

The US is a funny one in this regards. One branch of the government (FINCEN) says you have to register with them if you sell crypto currencies because you're considered a money transmitter. At the same time, another branch of the governement (IRS) wants to tax it as property. You see how the monkeys in our government don't even know what bitcoins are? One considers as money, the other considers as property, so the result is that they want to tax currency, which makes no sense.