So how do we get an Australian passport? Shall I marry an aussie girl? Joking aside I must say I’m a bit envy if that’s the case because I currently live and work in a country in which is not easy to live off bitcoin. This is going to attract many more business there. I would personally move if I could and not only for this bitcoin friendly environment.
Topic: [2017-09-20] Australia Ends Double Taxation of Bitcoin, Cryptocurrencies (Read 3313 times)
September 21, 2017, 09:53:49 AM
September 21, 2017, 08:08:32 AM
Their government is really friendly towards citizens, I doubt that here in Russia our government would do something about this double tax, I suppose they would be satisfied with getting double tax and would not even move to change it.
September 20, 2017, 05:50:25 PM
I envy these Australian citizen, they have a government that is Bitcoin friendly, and even reform their taxation regulation to favors those who bought items with Bitcoins. I hope my country, even though the governemnt acknowledge that Bitcoin is money, do the same thing too. But alas, my country's government is more cautious in their own affair and other issues. And yet another good news for Bitcoin community here 
September 20, 2017, 09:43:54 AM
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.
Source: https://cointelegraph.com/news/australia-ends-double-taxation-of-bitcoin-cryptocurrencies
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.
Source: https://cointelegraph.com/news/australia-ends-double-taxation-of-bitcoin-cryptocurrencies
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