Australia Ends Double Taxation of Bitcoin, Cryptocurrencies


via CoinTelegraph

TL;DR:

The Australian government has created legislation to end the double taxation of bitcoin and other cryptocurrencies. Cryptocurrency users, in the past, would be taxed upon buying the coin and when they exchanged it for goods and services. The Australian government hopes the bill will open doors for greater levels of financial technology investment in the country.


The Australian government has finally and conclusively provided a legislative end to the double taxation of Bitcoin and other cryptocurrencies. The bill will retroactively be enforced to July 1 of this year, as had been promised earlier in the year.

The bill ends the practice of taxing the purchase of Bitcoin and other cryptocurrencies, according to the Australian goods and services tax (GST). The release regarding the end of the double taxation standard included the following:

“Currently, consumers who use digital currency can effectively bear GST twice: once on the purchase of the digital currency, and once again on its use in exchange for other goods and services subject to the GST. The bill will ensure that Australians are no longer charged GST on purchases of digital currency, allowing it to be treated the same way as physical money for GST purposes."

The current Australian government hopes that the bill will open doors for greater levels of Fintech investment into the country.

As the Chinese government moves to crack down on ICOs and cryptocurrencies, the Australian government is seeking to embrace the sea change in the financial world.

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Australia gets it. Those free market lovers (read:criminals) :sweat_smile::rocket:

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Australia stand up :raised_hands:t5:
Prettty keen for a bitcoin pub to be opening in Brisbane Australia :tumbler_glass::beers::bento::hamburger:

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We will replace AUD with BTC in 5 years :slight_smile:

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Fantastic. We should have an Australian Cryptonauts meetup! Have a drink!!!

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Very proud aussie right here.

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Yay!! Celebrating with another beer! All Australia needs now is decent internet!!!

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Hey, hold on…

Does that mean the tax man is going to give me back all the tax they charged me since July 1st? Now I don’t believe it until I see it.

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fuck… I’m in the wrong country…

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A government is actually eliminating a tax? This has to be fake news.

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Still unclear what you need to claim for income tax if you convert to fiat? My aim is to pay my mortgage. But a sudden 300k increase might raise suspicions

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Im in the same boat. Did you figure this out? I cant find a definative answer on what percentage tax for crypto at income tax time…

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