ATO weighs Bitcoin rules

Investors and businesses that trade using the digital currency Bitcoin are on notice as the Australian Taxation Office plans to be among the first to crackdown on undisclosed capital gains and GST at tax time this year.

In a statement provided to the Financial Review’s Sunday program on Channel 9, ATO senior assistant commissioner Michael Hardy said the tax office has been monitoring the growth in the numbers of Bitcoins along with other alternative payment systems and will provide further advice to taxpayers before June 30.