reply on: Establishing a Circular Economy in Australia \ stacker news ~bitcoin

1 sat \ 3 replies \ @_b_o_n_e_s_ 1 Feb \ on: Establishing a Circular Economy in Australia bitcoin

it sounds as though you've received tax advice so with legal requirements, what do you mean, is there something specific you have in mind? do you mean for the community group, or for yourself operating a business that accepts bitcoin? sorry, I'm not sure from your post.

the one thing i can see is that it looks like you're using a custodial wallet, so I guess you'd want to read the Terms of Service carefully and make sure you understand them, and can abide by them so you don't risk your funds being confiscated.

big props to you for onboarding your local community! ✌

42 sats \ 2 replies \ @kdnolan OP 1 Feb

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..

1 sat \ 1 reply \ @_b_o_n_e_s_ 2 Feb

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!

0 sats \ 0 replies \ @kdnolan OP 3 Feb

thanks man, yeah totally agree with you

we really shouldn't focus on negative stuff hey? human nature... the protocol doesn't care :)