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01/03/18
10:45
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Originally posted by All4One
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From an article in the printed newspaper "THE AUSTRALIAN" today Wed 28 Feb 2018.
Tax Blitz to hit Bitcoin investors
Nick Tabakoff
Associate Editor.
Tax - dodging Bitcoin investors will be confronted by the full investigative powers of the tax office, which has revealed it will use anti-money laundering legislation due to come into force next month as the basis for a long awaited blitz on cryptocurrencies.
THEAUSTRALIAN.COM.AU
The summary
Because Bitcoin is not a personal use asset, normal CGT rules apply.
The ATO will apply a top marginal tax rate of 47% including medicare levy after a 50% discount if the Bitcoin has been held for more than 12 months. If not then the 50% discount will probably not apply but perhaps some part of that, have to wait and see on that/
If you thought you got away without paying tax think again.
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How are they going to find who has what? really hard to do .The fringe players who fall under their personal use limit will hardly be worth their while it's the big holders they want & this has no boundaries so where dose the ATO pull up? what border?