Electra Fi on Nostr: Like most jurisdictions, Australian legislation does not recognise Bitcoin as money ...
Like most jurisdictions, Australian legislation does not recognise Bitcoin as money or currency, which places a significant administrative burden on taxpayers who use it as a mean of exchange, personally and in business.
The unspent transaction outputs (UTXOs) on the distributed Bitcoin blockchain satisfy the meaning of 'foreign currency' and should be accounted for as such, argues Australian tax specialist, Damian LLoyd.
This is a great paper for accountants to learn the history and technical terms of Bitcoin, and how it functions as borderless 'money' both as a means of payment and for savings.
Discussing -
Bitcoin: Property, Money, Currency or Legal Tender?
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4051062&fbclid=IwAR3yerGAr15dsOZ5Xx11M0lwMbpvLlIu6Zo2vVjBhaBtX3rQBtlYvmKwYXo
The unspent transaction outputs (UTXOs) on the distributed Bitcoin blockchain satisfy the meaning of 'foreign currency' and should be accounted for as such, argues Australian tax specialist, Damian LLoyd.
This is a great paper for accountants to learn the history and technical terms of Bitcoin, and how it functions as borderless 'money' both as a means of payment and for savings.
Discussing -
Bitcoin: Property, Money, Currency or Legal Tender?
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4051062&fbclid=IwAR3yerGAr15dsOZ5Xx11M0lwMbpvLlIu6Zo2vVjBhaBtX3rQBtlYvmKwYXo