RE: Bitcoin has been legal in Australia since 2013 so why isn't anyone talking about it?

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That is a tricky one and in short, no I don't know. I understand that American's don't need to report it until it is powered down and fully in their possession. I don't think the tax department here has the same view or any view as they wouldn't be aware of individual block chain tokenomics.

I took the safe route and reported it wither way, that being said I don't earn much to make an impact and I have purchased and powered up mine at a much lower rate than current.

I also don't know how it will be taxed if I have already declared and paid tax and then sell it again. I know if HODL for over 12 months it is further reduced but as it is earnings, I'm not clear if selling my earnings that I have already paid tax on also creates a CGT. I would doubt it, but I'll cross that bridge if I ever get there.



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No worries. Thanks for your input. I think ill contact the ato and see what they have to say. At least that way there's something in writing. Like you, my generated on paper income isnt much to be overlay concerned about but would rather have a clear direction on it. Cheers

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There are also Hobby provisions which exempt all income however, this is being a focus point and likely to be removed from cryptocurrency as there have been a significant amount of Bitcoin miners earning significant amounts and not declaring using the loophole of "hobby".

Hobby blogging is a legitimate exemption as are weekend market stalls and other online side hustles. But given people are misusing the loophole and the current economic issues faced by many nations, I'm guessing this will be shrunk further.

But again, I'm not sure and requires further follow up from a professional for clarity.

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Yeah i myself used the hobby provision as a youngster doing night club lighting on a Sat night. It did cross my mind that hive blogging could possibly come under that. It will be interesting to see the ato's response.

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