pull down to refresh
42 sats \ 2 replies \ @kman2140 OP 1 Feb \ parent \ on: Establishing a Circular Economy in Australia bitcoin
Thanks mate.. 🙂
Sorry yeah, to clarify, not so much for myself.. I don't own a business.. and I make sure I take note of all personal transactions for cap gains/losses
More so for advising the businesses.. I'm wondering if there's any legal ramifications for one businesses (say a coffee shop) receiving sats.. then using those sats in one of the other businesses on the peninsula (say an ice cream shop)
I recently got back from Bali, and the government there made the BTC circular economy illegal.. so it just got me thinking could something similar happen here? and is there something we haven't thought of to prepare for/mitigate..
bitcoin is money, so there shouldn't be. it should be the same thing as business A getting paid some dollars then spending them at business B.
but that doesn't stop governments who do not understand bitcoin from coming up with dumb rules and regulations to try and prevent or deter that like it sounds has happened in Bali. I didn't know that and it sucks to hear
so guess im saying there may be some additional requirements but I don't know of them. I think tax would be main thing as its money. ATO has some info on its website, I think its mostly from POV that bitcoin is an asset so may not be too helpful.
I think Australian tax rules are that if you are acquiring and spending in short time frame, using it as money, then there's carveouts for any small modest cap gain or loss. Or maybe its small amounts. Not sure but would be worth investigating.
governments can't stop bitcoin though, over time more and more people will see that it's real money, which we havent had in a long time, and will opt in to its network. great stuff getting more people aware!
reply
thanks man, yeah totally agree with you
we really shouldn't focus on negative stuff hey? human nature...
the protocol doesn't care :)
reply