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> wouldn't Wright have a huge income tax debt? Yes, but presumably he can pay it out of his Bitcoin fortune. He has to deal with that at some point anyway, and

by cba9 11y ago

> wouldn't Wright have a huge income tax debt? Yes, but presumably he can pay it out of his Bitcoin fortune. He has to deal with that at some point anyway, and by going public now, he gains additional leverage on his VAT or tax credit or whatever the ATO has decided to get him for this time.

imron 11y ago
> Yes, but presumably he can pay it out of his Bitcoin fortune Thereby tanking the price of Bitcoin, and his fortune. Though on the bright side, a smaller fortune will mean smaller taxes.
randyrand 11y ago
Bitcoin is still volatile. Typically tax on volatile income is paid when you "cash out" to a more stable currency.
- girvo 11y ago
  I wonder if capital-gains tax applies to Bitcoin? I'd think it would. And it's quite large, too.
  - mikeyouse 11y ago
    Yep, the Australian Tax Office recognizes it as a commodity that's subject to capital gains taxes.