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A comment on Reported Bitcoin 'founder' Craig Wright's home raided by Australian police. Parent comment

Re:Reported Bitcoin 'founder' Craig Wright's home raided by ... by cba9 on Wednesday December 09, 2015 @12:25AM (#10702064)
> 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.

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Re:Reported Bitcoin 'founder' Craig Wright's home raided by ... by randyrand on Wednesday December 09, 2015 @02:03AM (#10702342)
Bitcoin is still volatile.

Typically tax on volatile income is paid when you "cash out" to a more stable currency.

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Re:Reported Bitcoin 'founder' Craig Wright's home raided by ... by girvo on Wednesday December 09, 2015 @03:06AM (#10702510)
I wonder if capital-gains tax applies to Bitcoin? I'd think it would. And it's quite large, too.
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Re:Reported Bitcoin 'founder' Craig Wright's home raided by ... by mikeyouse on Wednesday December 09, 2015 @03:12AM (#10702525)
Yep, the Australian Tax Office recognizes it as a commodity that's subject to capital gains taxes.
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Re:Reported Bitcoin 'founder' Craig Wright's home raided by ... by imron on Wednesday December 09, 2015 @01:03AM (#10702179)
> 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.

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