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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
So CashApp doesn’t allow people under 18 to get bitcoin, but I was wondering what would happen if someone that was over 18 would try to send bits to someone that’s under 18? Would they end up getting it? Or would the transaction not go through? Thank you !
ATO Bitcoin Ruling: The Australian Govt needs to respond with new GST legislation
TL;DR: The ATO GST Ruling is against the spirit of the GST legislation, I believe it can only be fixed by legislation changes. I've spent some time reviewing the ATO Draft Rulings and the reddit commentary. The implications of double GST is most concerning as it is contrary the original design intent of GST law. Here's some detail The GST Explanatory Memorandum, explains that the GST is a tax on consumers
GST is borne by consumers ... GST is effectively borne by consumers when they acquire anything to consume.
It further explains:
3.24 Input tax credits are intended to offset the GST included in the price you paid for an acquisition if the acquisition is for use in your enterprise. If you are going to use a thing in your enterprise, for example by selling it on to someone else, GST will be included in that sale. Therefore, to avoid double taxing that thing, you receive a credit for the GST included in the price you paid for the thing. You therefore have a creditable purpose if you acquire a thing for the purpose of your enterprise.
However, the The ATO Draft Ruling implies that a business accepting bitcoin as a payment from a consumer will be subject to double taxation when they dispose of the bitcoin. This occurs because businesses will be unable to claim an input tax credit on the supply of the bitcoin from the consumer to the business. The ATO has previously recognised prevention of double taxation is a key design feature. As explained in MT 2010/1:
The GST Act presumes GST is ultimately borne by end consumers. A key design feature of the GST system to ensure this occurs and to avoid double taxation is to generally allow a corresponding input tax credit to a recipient of a supply in business to business transactions. The GST Act envisages a degree of symmetry between the GST payable and the input tax credit which may be claimed in business to business transactions.
Provisions for input tax credits are also available for transactions between unregistered entities (consumers) and registered entities in the form of the following legislation, again for the purpose of avoiding double taxation. However, I don't believe this provision applies to bitcoin. I've read the ATO rulings, and they make sense in the application of the law. However, I believe there is clearly a legislative design flaw when the current GST legislation is applied to bitcoin. The Australian government needs to respond with new legislation to ensure that bitcoin can operate within the spirit of the original GST bill, which always intended to avoid double taxation.
The ruling came during court proceedings against Larry Dean Harmon who operated an underground bitcoin trading platform for running an unlicensed money transmitting business under D.C. law and for laundering money under federal law. By ruling that bitcoin is a form of money, the court declined to dismiss criminal charges against Harmon. A US Federal Court said Friday that bitcoin is a form of money covered under the Washington D.C., Money Transmitters Act (MTA). The court made this conclusion as it denied a motion to dismiss criminal charges against Larry Dean Harmon, the operator of an underground bitcoin trading platform. However, many thought bitcoin had begun acting as a so-called safe haven asset, rising as equity and riskier assets fell, and a ruling by the U.S. Securities and Exchange Commission (SEC) against ... SC ruling on cryptocurrency brings much-needed relief and cheer to crypto startups, industry. Lifting of the ban on cryptocurrency in India by the Supreme Court has been unanimously welcomed by ... Matt Hougan of Bitwise Investments, Reginald Browne of GTS and Tom Lydon of ETFTrends.com talk the Securities and Exchange Commission's upcoming ruling on a long-awaited bitcoin ETF.
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