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    ATO have kileld purchasing bitcoins in Australia

    Feathercoin Discussion
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    • T
      tmuir12 Regular Member last edited by

      The Australian Tax office have just killed buying bitcoins in Australia, looks like I will only be buying bit coins overseas now.

      Going forward when you buy bitcoins you will be charged another 10% over market price which is the 10% GST they are applying to it.

      https://blog.coinjar.com/2014/09/30/how-the-new-ato-guidance-affects-coinjar-users/

      So once again a government is calling bitcoin property not currency.

      Looks like Paypal and buying overseas will be the way forward.

      Booo to the ATO!

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      • M
        mirrax last edited by

        they are thieves and should be punished for usurping others wealth…

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        • MrWyrm
          MrWyrm administrators last edited by

          This ^^^

          Like what I do: 6uuy6isbrW1SBF191Bzgui1gWxPdNKx2PB

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          • Y
            yusuf last edited by

            cant you buy it anonymously?

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            • ?
              A Former User last edited by

              You can still.

              I read the release when it came out.

              It considers Bitcoin a commodity instead of currency I believe.

              It does not apply to any other crypto as it states specifically bitcoin only.
              It is guidance. Not yet law.

              GST applies if you turn over $70k or $75k per year. (businesses)
              If you buy btc then sell it at a later date at a rate higher then what you purchased it for, you pay Capitol Gains Tax. (which is like something ridiculous as high as 80% I believe)

              Exchanges and large buisnesses with automated systems can deal with this quite easily…

              But my only thought is this… If all your btc is going into 1 address, how can you say when you sell btc, which frigin btc it was to know what it’s initial purchase value was?!

              It’s an accounting nightmare which could easily be exploited… even unintentionally

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              • ?
                A Former User last edited by

                How this affects you

                Buying bitcoin

                • If you buy bitcoin at CoinJar, you will be charged 10% GST as of October 3.
                • We’ll generate a tax invoice showing you how much GST you paid.

                Selling bitcoin

                • If you are a customer selling bitcoin for personal use, there will be no change.
                • If you’re selling bitcoin on behalf of a GST registered business, you will be prompted to register your GST status at point of sale.
                • When you submit a sell order, we will ask you to confirm GST collection.
                • CoinJar will generate a recipient created tax invoice (RCTI) on your behalf for every sell order with GST applied.

                At this point, these changes affect CoinJar Filler only. Other CoinJar products, such as the recently launched CoinJar Swipe, will not be affected by this determination.

                Maybe my interpretation is slightly off…

                It does seem to only apply to businesses though.

                GST was always a stupid idea…

                Howard promised that quote unquote, “There will be no Goods and Services Tax under the coalition I lead” (or something along those lines so maybe not quote unquote)

                Then we heard Gillard say years later "There will be no Carbon Tax under the government I lead.

                But anyway, that’s politics in general I suppose.

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                • T
                  tmuir12 Regular Member last edited by

                  Coin control can be used to tell you which bitcoin you purchased at a certain date was sold, but agree its a complete accounting nightmare and as of today GST is now charged by coin jar on all purchases, so there is no way around paying GST if you buy via coin jar.

                  I can see this really hurting coinjar as people go elsewhere to buy from overseas sources via credit card.

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                  • ?
                    A Former User last edited by

                    BTC Markets is doing something similar.

                    Coinspot, I check up on them…

                    edit

                    They haven’t made any statement but considering they are the only exchange with the ftc/aud pair, I’m very curiose as to what they do.

                    On a random note though, This is kewl…
                    https://www.coinspot.com.au/blog/Python-Bitcoin-API#.VC5rXhbWh8E

                    A member of the CoinSpot community put some welcomed effort in over the last few months building a python API for CoinSpot.

                    The python API is available for download here https://pypi.python.org/pypi/py-coinspot-api/0.1.1. There is also a list of outstanding issues on the Github page https://github.com/geekpete/py-coinspot-api/issues.

                    The library is well written and has been used regularly over the last month so it is a well tried and tested way to access CoinSpot programatically. Using the API you can do most things you can do through the CoinSpot website including Placing buy and sell orders for bitcoin, Check current spot prices, Viewing all open orders and heaps more.

                    Thanks again to Geek Pete and the work you have done in building the library :D

                    The same way we were talking about building in cryptonit trading within the Qt, coinspot could do the same now.

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                    • T
                      tmuir12 Regular Member last edited by

                      I don’t think Coinspot is yet, but I’m guessing it will be only a matter of time else the ATO will shut them down

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