Bitcoin could be undermined by “unworkable” tax regime: ADCCA

The Australian Tax Office is set to apply GST and capital gains tax to bitcoin in its first move to tax the digital currency. The ATO does not deem bitcoin as a currency but has confirmed that bitcoin is a legitimate asset for CGT purposes, according to the ATO's long awaited guidance on bitcoin. "Transacting with bitcoins is akin to a barter arrangement, with similar tax consequences," the …

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