I may have totally 'misinterpreted' the ATO info/advice when I read it recently, but "...specifically bitcoin..." means specifically bitcoin, pretty sure they can't 'arbitrarily' decide it now includes all 'cryptos' when using the language they've used when legislating...
Legislation has to be articulate, concise and non-interpretive as such, which is why I think many central banks and governments are struggling/scrambling to 'legislate' appropriately... Pretty sure the 'courts' would back that view up (although it'd be an expensive exercise), like when they changed (capped) 'super' contributions in the last few years, there's an 'implementation' period and 'amnesty' to prepare for the 'new' financial architecture...
Interested to here from any 'accountants' or 'tax professionals' on that, and anyone familiar with the implementation of financial law, particularly in AUS...
I'm holding XRP, I think it's one of the best, if not the 'premium' business-case for 'blockchain' and DLT architecture, and the market (transaction volumes) they (Ripple) are targeting is phenomenally large, every day... I understand 'global equities' represent something only about 6% of the 'daily movement' of currency around the globe, that's TRILLIONS of $$$ a week, if not per day....
Holding on for now, deal with ATO bridge when I think it's hit a 'ceiling' or alternatively, tanks...
Cheers
ML
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