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Cat?

"I am a cat!"

~ Funny Animal Pictures by Ty Buchanan ~

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Australian Blog★
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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 ✴

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Cat Learns Spanish

'Shush! I'm studying Spanish."

Funny Animal Photos by Ty Buchanan

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Australian Blog★
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New Chinese Theme Park for Australia?

A theme park is to be built at Warnervale in New South Wales. It is not your usual holiday inspired park like Marine World or Disney World. The name of the new entertainment precinct is not yet known, but it will be devoted solely to things Chinese. Buddhist

It is aimed more at Chinese tourists than Australians. A panda paradise, thanksgiving temple and treasure ship are expected to draw the customers. A massive half a billion dollars is dedicated to the project.

The rather odd name of "Chappypie China Time" is being put forward as the preferred choice by Chinese developers. This choice will not go down well with Australians. It is awkward and doesn't translate well into Australian culture.

It will based on "old" China, not the present totalitarian state. Things such as a copy of the Forbidden City, thousand-hand Guanyin and dragon boats will be the main theme. Developers say it will rival Sydney Harbour Bridge and the Opera House. However, these are thing quintessentially Australia. How can a Chinese project be marketed as an Australian icon?

The Wyong Shire Council insisted that the park must have rides to make it relevant to Australian customers. Disney has also said that legal action will follow if the word "Disney" is in the park's name. The move by the Chinese consortium comes as a bit of a shock to Disney which says there is no local market there for such a huge investment.

Such a project could be a ruse to build a thanksgiving temple. This will be the first thing constructed. It could also be the last. Local people would not want such as large temple built near to them. Councillors should be wary of the "easy out" clause in the contract.

Culture by Ty Buchanan

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