The ATO has released its anticipated guidance on crypto-currencies, saying Bitcoin or other digital currency payments will be taxed like a non-cash barter transaction.

The announcement dashes the hopes of Australia’s digital currency industry and raises fears of the end of Bitcoin’s growth in Australia, as businesses move offshore to countries with more favourable laws.

Read more here: Bitcoin_ ATO Announces…

Article courtesy www.abc.net.au/news

For the official ATO position go to https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia—specifically-bitcoin/

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