Breaking: Bitcoin Gets a Tax Cut in Australia

Breaking: Bitcoin Gets a Tax Cut in Australia

Following a policy statement by the Australian Government Treasury in March that saw the authority reveal that digital currencies such as Bitcoin are likely to be exempt from double taxation via the Goods and Services (GST) tax, the Australian Government has kept its word.

The Australian Government’s Budget 2016-17 has listed its intention to remove the double taxation levied on digital currencies like Bitcoin.

An excerpt from a summary of the 2016-17 Budget that focused on Jobs and Growth, released today, read:

The Government has released a consultation paper on changing the GST treatment of digital currencies. This change will ensure that consumers are no longer ‘double taxed’ when using digital currencies to buy goods and services already subject to GST.

The Current Law: Bitcoin an Intangible Property

The current rules mandated by the Australian Tax Office sees Bitcoin as an “intangible” property. An excerpt from the law reads:

The Government initially announced that it would address the ‘double taxation’ of digital currencies under the GST as a

Read more ... source: TheBitcoinNews

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