Im interested in bitcoin starting it up soon but i want to know the tax's involved. As far as i e heard there is no tax on the coin itself in australia but something about capital gains? please explain

Hi Michael,

If you sell your Bitcoin at a profit there is capital gains tax payable, just as there is for the sale of any other asset.

I read this morning the ATO has set up a special taskforce for this so you’ll want to be careful you are reporting any gains in your tax return.

I’d be using the services of a good accountant if I was you.

Regards
James

tulips.

bitcoin is the new tulip bulb crash of 1637. Look it up.

Bitcoin is supposed to be an "alternative" currency, right???? The ONLY value any currency has is the confidence held in the economy using that currency, its central bank and the regulations to support it......

So if you have some "alternative" currency that has no backing of any economy, or central bank, or government or any intrinsic value of any description, you are having a punt.

go with No 4 at Randwick, race 6. At least you can eat a horse if it doesnt win any races. bitcoin is not even a thing!!!

cheers

Brendan

Hi Geoffrey,
not necessarily convinced that Bitcoin is the best thing going......I still dont know what it is and how it works, and what the risks are. happy to talk anytime.
cheers
BC