Bitcoins are Property Not Money, Says ATO

Bitcoin Image

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.