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Australian Customs Makes Big Mistake

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MISTAKEN IN OZ

Elecric Cars are a Mistake

Adopting battery powered cars is the worst thing societies can do. It is just a transfer from dirty oil engines to dirty oil power station. Removal of carbon at power stations is talked about a lot. However, nothing has been achieved. Experiments have largely failed.

The distance barrier is still a problem for battery cars. To go more than two hundred miles requires an enormous battery, far to heavy to put in vehicles. Price is still an issue: there is little hope of a reduction even with mass production. Weak demand continues.

Planners are saying that the lack of battery "charge" centers is the main barrier. This is only secondary. Where does the capital come from to build them? Battery swap stations were established by the Electric Light Company to service a fleet of electric trucks a century ago. Buses in China get new batteries en route. The trucks disappeared and Chinese buses are government run.

Changing to a recharged battery is not cost effective. If you have to do this you may as well keep the petrol car. A charge-up at home is the only way to go. Long distance truckers will never adopt battery power. There is little torque in the powertrain, certainly not enough to transport heavy goods.

✴ Transport Transport by Ty Buchanan ✴

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Bitcoin is an Asset According to the Australian Tax Office

Everyone thought that bitcoins would remain untraceable and out of the reach of national revenue collections. This belief has proved to be fairyland. The Australian Tax Office now values bitcoins as assets to be included on your yearly income tax form.

If you have millions of these things when there value increases you will have to give part of it to the Australian Tax Office (ATO) if you reside in Australia. Don't think that this is the end - it is just the beginning. Other countries are looking at making bitcoins taxable income.

BitPos an Australian company which arranges an exchange and purchasing service for people dealing in bitcoins say owners have to pay the Goods and Service Tax (GST) on the full value of coins not just on the fee. This is when buying the actual "currency" itself.

Because dealers say bitcoin it is not a currency it opens the door for countries to interpret it as they like. It is possible some jurisdictions will class it as currency and capital investment. Indeed, some countries could make bitcoins illegal. This would throw a spanner in the works.

The ATO has issued a warning to businesses that purchases of goods and services with bitcoins must be recorded in the books and the government is planning to collect GST on it. Essentially, the currency is going to be taxed twice. Banks praise this because bitcoin is a treat to them.

Businesses do not know whether it is legal to charge the GST at the moment. It could be levied on them when they have not collected it from customers. This is a gray legal area at present. Charging for GST when it not yet payable could be classed as price gouging, a trick to charge more.

✴ Economics by Ty Buchanan ✴