Re: bartering and LETS
From: Ian Higginbottom (Ian.Higginbottomml.csiro.au)
Date: Thu, 22 Sep 94 23:04 CDT
RE LETS
I have just remembered that LETS were "invented" or promoted by a bloke
named Michael Linton from Vancoover Island (I think).  My understanding
of the tax issue in both the US and Australia is that taxation is levied
on the value of transactions and it dosn't matter much whether you use
US dollars, potatoes or Barts (the LETS "currency" in Hobart).  In Australia
if you sell your old washing machine or sell you garden produce on no more
than a "hobby" scale then no tax is payable but if you earn your income
through bartering then you would be liable to pay tax.
LETS systems in Australia leave the tax question up to individuals.  If you
are legally obliged to pay tax on some income then it is up to you and not the 
organisers of the barter scheme to make sure it is paid.  I am not sure though
whether the taxation department has the right to inspect the records of a 
barter organisation.  I hope this is of interest. 
I recall that I heard Michael Linton speak about LETS when I was in California
about 5 years ago so I imagine someone out there msut have a US contact for LETS
that can be passed to Dennis.
Hig
  • (no other messages in thread)

Results generated by Tiger Technologies Web hosting using MHonArc.