The Australian Government recently announced it’s “committed to addressing a ‘double taxation’ of digital currencies.” Earlier in a week a Hon Scott Morrison MP, Treasurer of a Commonwealth of Australia, reportedly settled that digital currencies, including bitcoin, will be free from Goods and Services Tax (GST) as partial of changes dictated to boost a fintech sector.
“We will safeguard entrance to concessional taxation treatments for try collateral investments in fintech firms, will take movement to forestall a double taxation of digital currencies – we won’t be fatiguing digital currencies.”
– Hon Scott Morrison MP
A news called “Backing Australian FinTech” was concurrently released, that outlines a Australian Treasury’s response to fintech growth priorities. Among a responses was one to rectify a Goods and Services Tax Act of 1999.
“The Government recognises that that a stream diagnosis of digital banking underneath GST law means that consumers are ‘double taxed’ when regulating digital banking to buy anything already theme to GST,” states a Treasury department. “The Government is committed to addressing a ‘double taxation’ of digital currencies and will work with a attention on legislative options to reform