Bitcoins are Property Not Money, Says ATO

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The ATO recently released guidance about the application of various tax laws to Bitcoin transactions. The guidance was in the form of Draft Taxation Determinations TD 2014/D11 to TD 2014/D14, Draft GST Ruling GSTR 2014/D3, and a guidance paper. Australian Bitcoin businesses and users have been eagerly awaiting the ATO’s decision.

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