The Australian Taxation Office Seeks Advice from external legal counsel On Bitcoin

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The Australian Taxation Office Seeks Advice from external legal counsel On Bitcoin
The Australian Taxation Office Seeks Advice from external legal counsel On Bitcoin

The Australian Taxation Office Seeks Advice from external legal counsel On Bitcoin

As the Australian Taxation Office does not want to come up with any hasty decision that can lead to any unwanted outcome, it has further delayed it and sought legal advice from the external legal council on Bitcoin. According to the reports, the delay has come from the department’s decision to hire external lawyers who will be taking one final look over its taxation policy.

A spokesperson for Australian Taxation Office said that it is being done to ensure that its advice to the community is comprehensive and robust. He said that the organization has sought further advice from external legal counsel even if it comes with some delay. Thus, it is the second time that it has pushed back its ruling on how it will tax the crypto-currency Bitcoin.

Now it looks the organization does not want to decide in haste and wants to explore all legal expertise available. On the other hand, the Bitcoin enthusiasts and people involved in Bitcoin mining are waiting the decision quite eagerly as according to them it would determine a lot of things. Unlike Australia, several governments world around have clarified their stand on Bitcoin.

Though Australian Taxation Office was expected to come up with the long-awaited release of the digital currency guidance by the end of this month, it appears, with the pending review by the external legal adviser, the decision may take another month. This also means that Bitcoiners will just keep guessing for one more month about the destiny of Bitcoin in Australia.

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However, the spokesperson for Australian Taxation Office promised that it remains a priority for the organization to provide the community with the final guidance paper in time for people to complete their 2013-14 income tax returns. Earlier, the Tax Office advised Bitcoin holders not to hold out on filing their 2013 tax returns until the decision is made.

The Tax Office wants that income tax payers also include the value, date, reason for and parties involved in any Bitcoin transactions. The body has been doing its job by conducting a wide-ranging consultation on the issue, taking in “numerous submissions” from experts, stakeholders and industry members as well for the purpose.

Now that the decision is being delayed for a month or so, those who are involved in Bitcoin trading or transactions, feel at unease as they have to wait further. However, as the organization says that the delay is also due to its aim to give fair representation to the views of industry stakeholders, the Bitcoin community may endure it.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com