Re: bartering and LETS | <– Date –> <– Thread –> |
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
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