Australia Officially Ends Double Bitcoin Tax
Australians Avoid An Extra Tax.
From next year, Australians now have product and service tax(GST)) on cryptocurrency purchases strong> they won’t have to pay.
After the passing of the new law in the country’s parliament, the “double taxation” of cryptocurrencies – first Bitcoin Strong>’s long-winded debate over the purchase of taxable items later is finally nearing its end.
The situation is that the cryptocurrencies were exchanged goods for GST, which were legalized in 2014. It arose because of the previous law that saw a change in the subject – a law that quickly drew criticism from tech supporters and, last year, saw commitments by government officials to change the subject.
Australian Senate Economic Reference Committee, this August he proposed a review of the issue, and Ministry of Finance issued a new law to settle the issue regarding the May budget first.
The Australian reports that from July 1, 2018, with the adoption of the new declaration, Bitcoin and other cryptocurrencies will now see the same GST approach as “foreign currencies” .
This move will come amid discussions about tax treatment of Blockchain-based assets and decisions that regulators can (or should) make.
Late this summer, defense groups have targeted US tax law regarding the property law of 2014, but individual states seem more innovative on the subject.
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