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Digital currency transactions should be treated in the same way as fiat currency transactions for the purposes of Goods and Services Tax (GST), according to the Australian Senate Economics References Committee.
A new report from the committee suggests changing the way in which transactions involving bitcoin or other digital currencies are classified.
The recommendation represents a significant shift from a previous ruling by the Australian Taxation Office (ATO), which stated digital currencies were "intangible assets" and should be taxed as such.
A new report from the committee suggests changing the way in which transactions involving bitcoin or other digital currencies are classified.
The recommendation represents a significant shift from a previous ruling by the Australian Taxation Office (ATO), which stated digital currencies were "intangible assets" and should be taxed as such.
Full story: http://www.coindesk.com/australian-senate-committee-seeks-to-overturn-bitcoin-tax-ruling/