I've just read that Australia will start accepting bitcoin as a currency from July 1st. Also allowing bitcoin to be integrated better into the economy and offers no tax on it. Anyone else read about this?
Yes i know that from my Australian contact on Twitter.Great news Australia is much more related to China than to Westerness world.Maybe we will have another btc hub there
Topic: Bitcoin treated as money in Australia from 1. july - page 4. (Read 6122 times)
Whoa, first Japan, and now Australia? Now let's see if the price don't spike high. Governments surely took notice of the developments in bitcoin and decided they want to have some fun as well. That's why they are starting to come up with these regulations, maybe they're anticipating increased use in the future. This also will make it more familiar and trustworthy for regular people, making increased adoption a self-fulfilling process.
Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money would likely flow into their economies.
Bitcoin slowly but surely is becoming more accepted as time passes, and I have no doubt this is just the beginning two countries on two different continents have approved bitcoin, 4 more to go. Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money would likely flow into their economies.
I've just read that Australia will start accepting bitcoin as a currency from July 1st. Also allowing bitcoin to be integrated better into the economy and offers no tax on it. Anyone else read about this?
Yes i know that from my Australian contact on Twitter.Great news Australia is much more related to China than to Westerness world.Maybe we will have another btc hub there
I've just read that Australia will start accepting bitcoin as a currency from July 1st. Also allowing bitcoin to be integrated better into the economy and offers no tax on it. Anyone else read about this?
Yes i know that from my Australian contact on Twitter.Great news Australia is much more related to China than to Westerness world.Maybe we will have another btc hub there
Whoa, first Japan, and now Australia? Now let's see if the price don't spike high. Governments surely took notice of the developments in bitcoin and decided they want to have some fun as well. That's why they are starting to come up with these regulations, maybe they're anticipating increased use in the future. This also will make it more familiar and trustworthy for regular people, making increased adoption a self-fulfilling process.
Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money would likely flow into their economies.
Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money would likely flow into their economies.
They can now tax people who are getting income from Bitcoin transactions in a form of income. I am sure that people in those nations mentioned are required to declare all the income they got the previous year and that can definitely include Bitcoin when bought and sold. Japan, South Korea and this time Australia would benefit most with this development. And, of course, we can see spikes on Bitcoin value soon as we already experienced it now because of Japan
I still can't grasp how this would actually facilitate Bitcoin adoption
Okay, as I got it, the Aussie government decided to cancel some tax called GST (short for goods and services tax) levied on bitcoins bought and sold starting 1st of July this year. That would allow to avoid double taxation, that's nice indeed. But Australia is a small country in terms of population as well as economy (compared to Japan, EU or US), and they are cancelling something which other countries simply didn't have right from the start (say, the EU). So how is that actually going to help Bitcoin apart from the usual hype and hysteria which typically come along with such events?
Another question is do people in Australia really use BTC for goods and services for it to matter? I dont think they care about BTC apart from the speculaton most people in the community do.
Well they defined it as "digital currency" by the Australian government. So I think bitcoin will fall in this category. That's why they will remove the double taxation on "digital currency". So I'm assuming Australians are using 'digital currency" to purchase items online. Its only more than a month from now before we see what the effects of Australian embracing bitcoin
And what makes Australia different from other countries?
Especially those countries which didn't have these "double taxation" issues right from the start. The EU economy is times greater than the economy of that country and they always treated Bitcoin as just another currency, but somehow we don't see Bitcoin real trade booming in Europe. So why should that happen in Australia? The price will likely continue to surge but that would be mostly thanks to typical hype rather than real adoption of Bitcoin between merchants in Australia or elsewhere
Whoa, first Japan, and now Australia? Now let's see if the price don't spike high. Governments surely took notice of the developments in bitcoin and decided they want to have some fun as well. That's why they are starting to come up with these regulations, maybe they're anticipating increased use in the future. This also will make it more familiar and trustworthy for regular people, making increased adoption a self-fulfilling process.
Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money would likely flow into their economies.
Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money would likely flow into their economies.
They can now tax people who are getting income from Bitcoin transactions in a form of income. I am sure that people in those nations mentioned are required to declare all the income they got the previous year and that can definitely include Bitcoin when bought and sold. Japan, South Korea and this time Australia would benefit most with this development. And, of course, we can see spikes on Bitcoin value soon as we already experienced it now because of Japan
I still can't grasp how this would actually facilitate Bitcoin adoption
Okay, as I got it, the Aussie government decided to cancel some tax called GST (short for goods and services tax) levied on bitcoins bought and sold starting 1st of July this year. That would allow to avoid double taxation, that's nice indeed. But Australia is a small country in terms of population as well as economy (compared to Japan, EU or US), and they are cancelling something which other countries simply didn't have right from the start (say, the EU). So how is that actually going to help Bitcoin apart from the usual hype and hysteria which typically come along with such events?
Another question is do people in Australia really use BTC for goods and services for it to matter? I dont think they care about BTC apart from the speculaton most people in the community do.
Well they defined it as "digital currency" by the Australian government. So I think bitcoin will fall in this category. That's why they will remove the double taxation on "digital currency". So I'm assuming Australians are using 'digital currency" to purchase items online. Its only more than a month from now before we see what the effects of Australian embracing bitcoin.
Its not good to assume. Its better if everything was based on facts not opinions or assumptions. But I agree with you that you that it needs more time.
This is good sign for Bitcoin as an particularly because many countries are still not able to treat and find the actual how to use Bitcoin. Well Australia decision may come as a boon for many country users who are looking to explore more other alternates in form of this currency . This will help other countries also to formulates rules and regulations as what Australia government has done for Bitcoin .
It's very a good sign and I think it's not just Australia that has adapted Bitcoin. Japan already started and China I think is starting for there own cryptocurrency. So why not, this is the new digital goods and a good thing to mine for there country. And in time I could see other countries making there own crypto currency and when that time comes most goods are now available online and transaction will go into the deep web that is untraceable.
This is good sign for Bitcoin as an particularly because many countries are still not able to treat and find the actual how to use Bitcoin. Well Australia decision may come as a boon for many country users who are looking to explore more other alternates in form of this currency . This will help other countries also to formulates rules and regulations as what Australia government has done for Bitcoin .
It's very a good sign and I think it's not just Australia that has adapted Bitcoin. Japan already started and China I think is starting for there own cryptocurrency. So why not, this is the new digital goods and a good thing to mine for there country. And in time I could see other countries making there own crypto currency and when that time comes most goods are now available online and transaction will go into the deep web that is untraceable.
This is good sign for Bitcoin as an particularly because many countries are still not able to treat and find the actual how to use Bitcoin. Well Australia decision may come as a boon for many country users who are looking to explore more other alternates in form of this currency . This will help other countries also to formulates rules and regulations as what Australia government has done for Bitcoin .
That's a big news for bitcoin. More countries that notice bitcoin will make the price of bitcoin become increase again and it will make other countries to think about bitcoin too. I also read that there is also no taxes for bitcoin.
Does anyone here know the tax policy for cryptocurrency in Australia? I have investments in a few coins I have had since 2014 that I am preparing to sell soon. What sort of tax will I pay when converting them back to Aussie dollars?
Whoa, first Japan, and now Australia? Now let's see if the price don't spike high. Governments surely took notice of the developments in bitcoin and decided they want to have some fun as well. That's why they are starting to come up with these regulations, maybe they're anticipating increased use in the future. This also will make it more familiar and trustworthy for regular people, making increased adoption a self-fulfilling process.
Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money would likely flow into their economies.
Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money would likely flow into their economies.
They can now tax people who are getting income from Bitcoin transactions in a form of income. I am sure that people in those nations mentioned are required to declare all the income they got the previous year and that can definitely include Bitcoin when bought and sold. Japan, South Korea and this time Australia would benefit most with this development. And, of course, we can see spikes on Bitcoin value soon as we already experienced it now because of Japan
I still can't grasp how this would actually facilitate Bitcoin adoption
Okay, as I got it, the Aussie government decided to cancel some tax called GST (short for goods and services tax) levied on bitcoins bought and sold starting 1st of July this year. That would allow to avoid double taxation, that's nice indeed. But Australia is a small country in terms of population as well as economy (compared to Japan, EU or US), and they are cancelling something which other countries simply didn't have right from the start (say, the EU). So how is that actually going to help Bitcoin apart from the usual hype and hysteria which typically come along with such events?
Another question is do people in Australia really use BTC for goods and services for it to matter? I dont think they care about BTC apart from the speculaton most people in the community do.
Well they defined it as "digital currency" by the Australian government. So I think bitcoin will fall in this category. That's why they will remove the double taxation on "digital currency". So I'm assuming Australians are using 'digital currency" to purchase items online. Its only more than a month from now before we see what the effects of Australian embracing bitcoin.
Whoa, first Japan, and now Australia? Now let's see if the price don't spike high. Governments surely took notice of the developments in bitcoin and decided they want to have some fun as well. That's why they are starting to come up with these regulations, maybe they're anticipating increased use in the future. This also will make it more familiar and trustworthy for regular people, making increased adoption a self-fulfilling process.
Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money would likely flow into their economies.
Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money would likely flow into their economies.
They can now tax people who are getting income from Bitcoin transactions in a form of income. I am sure that people in those nations mentioned are required to declare all the income they got the previous year and that can definitely include Bitcoin when bought and sold. Japan, South Korea and this time Australia would benefit most with this development. And, of course, we can see spikes on Bitcoin value soon as we already experienced it now because of Japan
I still can't grasp how this would actually facilitate Bitcoin adoption
Okay, as I got it, the Aussie government decided to cancel some tax called GST (short for goods and services tax) levied on bitcoins bought and sold starting 1st of July this year. That would allow to avoid double taxation, that's nice indeed. But Australia is a small country in terms of population as well as economy (compared to Japan, EU or US), and they are cancelling something which other countries simply didn't have right from the start (say, the EU). So how is that actually going to help Bitcoin apart from the usual hype and hysteria which typically come along with such events?
Another question is do people in Australia really use BTC for goods and services for it to matter? I dont think they care about BTC apart from the speculaton most people in the community do.
If they take bitcoin, then its price will grow even more rapidly, which will greatly please all users. You need to store coins and wait for a positive result.
I am not sure about this topic but read some of the post replies and sounds just great about it. I am amazed how Australia have managed to get it as legit and public currency across its country. This will lead their government to be more careful about their own currency as bitcoin is far away costly and decentralised from local currency. What if people in there stops using local Australia currency and use only bitcoins? It can lead to disastrous effects on their local currency and dropping its value like crazy. The government may fall for it.
This is an awesome news!
I trust that it is another chance to become wildly successful in exchanging in light of the fact that inside that July in the event that it occurs as expressed then we expect the cost of bitcoin to pump up and we that have sparing in bitcoin, it will be another chance to make benefit. BTC going on moon
I trust that it is another chance to become wildly successful in exchanging in light of the fact that inside that July in the event that it occurs as expressed then we expect the cost of bitcoin to pump up and we that have sparing in bitcoin, it will be another chance to make benefit. BTC going on moon
Yeah, i have listen, but only in this forum, people discuss with each other, than i know about it. But if it will come true, than this way will be helpful for bitcoin publicity, and bitcoin will be go in a new way, where different countries will be come to use the bitcoin as a money in their countries. Than may be within 5 years, my country also will adopt the bitcoin as a currency and in this way, it will be a really good news for me and my country's people.
Whoa, first Japan, and now Australia? Now let's see if the price don't spike high. Governments surely took notice of the developments in bitcoin and decided they want to have some fun as well. That's why they are starting to come up with these regulations, maybe they're anticipating increased use in the future. This also will make it more familiar and trustworthy for regular people, making increased adoption a self-fulfilling process.
Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money would likely flow into their economies.
Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money would likely flow into their economies.
They can now tax people who are getting income from Bitcoin transactions in a form of income. I am sure that people in those nations mentioned are required to declare all the income they got the previous year and that can definitely include Bitcoin when bought and sold. Japan, South Korea and this time Australia would benefit most with this development. And, of course, we can see spikes on Bitcoin value soon as we already experienced it now because of Japan
I still can't grasp how this would actually facilitate Bitcoin adoption
Okay, as I got it, the Aussie government decided to cancel some tax called GST (short for goods and services tax) levied on bitcoins bought and sold starting 1st of July this year. That would allow to avoid double taxation, that's nice indeed. But Australia is a small country in terms of population as well as economy (compared to Japan, EU or US), and they are cancelling something which other countries simply didn't have right from the start (say, the EU). So how is that actually going to help Bitcoin apart from the usual hype and hysteria which typically come along with such events?
Hopefully before July 1st, we would be seeing some decisions about the SegWit - BU clash. The way the system works right now is kinda absurd, knowing that the number of unconfirmed transactions RIGHT NOW is 78000+ and growing. By then, how could the network possibly handle a volume of probably million transactions every day? It's kinda sadenning that every time something good happens in adoption, a far greater problem is present in the protocol itself.
I dont think we matter. So theres nothing we can say that will change things. You can sell all your BTC and it wont matter because most of us dont run nodes, dont mine and dont develop code improvements for the protocol. We are here holding BTC and hoping to make a lot of money out of it.
This is the way Bitcoin was designed, there will always be some people doing the mining and some people running full nodes and then normal users that use Bitcoin. Satoshi even predicted mining farms and centralization, when only data centers and big mining giants will be making the calls in the future. < The secret to the success, is not having 1 single entity doing all the mining, but a bunch of different pools doing this >
You can still mine in a mining pool and you can still run a node if you can afford it. ^smile^
If one government dumps a lot of money into Bitcoin mining, most of these smaller giants will be destroyed, but they are buying weapons of mass destruction for trillions of dollars. ^Woop^
I've just read that Australia will start accepting bitcoin as a currency from July 1st. Also allowing bitcoin to be integrated better into the economy and offers no tax on it. Anyone else read about this?
What a good new indeed! Another country have now joined Bitcoin and soon there will be more others to follow this rising trend and Bitcoin needs to improve itself also to get ready for this because this surely is a big one to happen before the year ends.
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