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skypiliot

10,295 Posts.

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28/05/21

12:07

Post #: 53485582
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Originally posted by Marum: ↑

In Australia, the only use for BTC is speculation. It cannot sensibly be used for buying or selling anything. The ATO has effectively killed it off as an alternative currency.

Every transaction has to have an CGT return attached to it. This will require the value of the coin and when you bought itm and the value and date when you used it. Obviously if you held the BTC 12 months before you used it the CGT would be cut by 50%, This would make a tax return impossible for a business doing a thousand or so transactions a day.

At the moment software does not exist, to do this. So one would have to make a ledger entry for every transaction. Then match it up to the currency fluctuations for that day. So one would have a graph of the time of each transaction, against the price of BTC at that time. No matter how you do it, the ATO could easily produce an alternative set of figures, to prove you incorrect.

So; At least in OZ. Cyber currency is purely speculative, and has no intrinsic value or use. It just cannot be used as an alternative currency.

I, personally, do not need to be there....Marum.

All IMHO of course, although the ATO requirements are a fact.

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Places in Australia taking Bitcoin not in my experience comprehensive

https://www.cryptomarkets.com.au/list-of-retailers-who-accept-bitcoin-in-australia/
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