Exactly how i understand it, but can be wrong also 10k or less...

Exactly how i understand it, but can be wrong

also 10k or less is tax free for personal goods & services, but still need to provide for what, the rest is taxed in my understanding


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Transacting with bitcoin

Transacting with bitcoin is akin to a barter arrangement, with similar tax consequences. Our view is that bitcoin is neither money nor a foreign currency, and the supply of bitcoin is not a financial supply for goods and services tax (GST) purposes. Bitcoin is, however, an asset for capital gains tax (CGT) purposes.
You need to keep the following records for bitcoin transactions:

• the date of the transactions
• the amount in Australian dollars (which can be taken from a reputable online exchange)
• what the transaction was for
• who the other party was (even if it’s just their bitcoin address).

mce-anchor
mce-anchorUsing bitcoin for personal transactions

Generally, there will be no income tax or GST implications if you are not in business or carrying on an enterprise and you simply pay for goods or services in bitcoin (for example, acquiring personal goods or services on the internet using bitcoin).
Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less.


Disposing of bitcoin acquired for investment

If you have acquired bitcoin as an investment capital gains tax could apply (although see information about using bitcoin for personal transactions). If you are not carrying on a business of bitcoin investment, you will not be assessed on any profits resulting from the sale or allowed any deductions for any losses made. However, if your transactions amount to a profit-making undertaking or plan then the profits on disposal of the bitcoin will be assessable income. Note: There are no GST consequences where the bitcoin is not supplied or acquired in the course or furtherance of an enterprise you are carrying on.