assholes ATO require GST on purchase of currency itself (crypto)

[ThunderIdeal]

bah, what can you say but pack of fuckwits, making australian bitcoin vendors completely unviable by categorising a currency (not all currency, just bitcoin) as a good or service.

for all its worth (probably nothing), here is a petition for the ATO not to be such a pack of unapologetic tunnel-visioned shitbags.

http://bitcoinpricelive.com/make-australia-bitcoin-friendly-country/

(actually this petition NEEDS SOME SUPPORT it has a pathetic 160 signatures)

i feel sorry for the small businesses and their investors who now have a customer base of nobody, and australian consumers who once again and for no reason have to pay more for something than the rest of the world. i feel sorry for our country as a whole which basically loses out on the opportunity to benefit by participating in the cryptocurrency and all of its future potential which even most bitcoin-heads haven't yet heard of or imagined.

Edited October 10, 2014 by ThunderIdeal

[ThunderIdeal]

let me just spell out what dribbling halfwits the ATO have made themselves out to be, although that is unfair to dribbling halfwits.

you purchase some currency, generally either to swap it for some goods or services (for which you will pay GST) or as an investment (for which you will pay capital gains tax). in the event that your currency of choice is BTC, you will also be expected to pay GST on the purchase of the currency itself.

of course, you'll only be punished if you meet two criteria.

1. you are attempting to do business in australia to avoid sending your dollars to overseas businesses.

2. you are dumb enough to intentionally shoot yourself in the foot or even head while hoping for a positive outcome, which you probably aren't, unless you're the ATO.

[rahli]

yeah its a bit of a joke.

Pretty sure you can still buy bitcoins without GST from individuals through markets like LocalBitcoins and also overseas markets like circle, but the local marketplace businesses are going to take a pounding.

.

There is a parliamentary decision aimed for I think March next year when they decide if they have wrongfully or rightfully fucked a whole heap of honest Australian businesses by taxing them out of the market. I reckon it will be too late by then. regulatory unsureity on top of a highly volatile medium doesn't usually go well for small business.

Looks like the libs are anti business after all. Small business that is. I'm sure the banks are happy considering a heap of them have banned bitcoin transactions already as they see bitcoin as a threat to their power.

And a heap of countries with fucked out economies are banning it, Russia for one. I guess their scared the people will no longer be economically enslaved if they allow bitcoin.

On the other hand the Philippines is embracing it and even legislating to back it with their currency somehow. Considering the millions of Filipino workers sending money home to the Philippines it makes sense to make sending money across boarders easier and cheaper through a medium like bitcoin.

It is a shame we are stuck with a government that is looking back to the dark ages for a vision of the future.

Edited October 11, 2014 by rahli

[rahli]

Just finished watching the newly released movie the rise and rise of bitcoin.

http://themobilebay.org/torrent/11183060/The_Rise_and_Rise_of_Bitcoin_-_HD

[ThunderIdeal]

Everything you said is spot on.

[Dreamwalker.]

I get that the taxes will incur harm to the development of the home based industry, which I suspect will put oz business at a disadvantage.

Many counties are embracing it, its evolution is inevitable. Surprised by Russia, as they promote it heavily on RT.

Its a bit like a country, discouraging the development of the Net, because it might harm the profits from tv..............

Edited October 11, 2014 by Dreamwalker.