Following a process matter by a Australian Government Treasury in Mar that saw a management reveal that digital currencies such as Bitcoin are expected to be free from double taxation around a Goods and Services (GST) tax, a Australian Government has kept a word.
The Australian Government’s Budget 2016-17 has listed a goal to mislay a double taxation levied on digital currencies like Bitcoin.
An mention from a summary of a 2016-17 Budget that focused on Jobs and Growth, expelled today, read:
The Government has expelled a conference paper on changing a GST diagnosis of digital currencies. This change will safeguard that consumers are no longer ‘double taxed’ when regulating digital currencies to buy products and services already theme to GST.
The Current Law: Bitcoin an Intangible Property
The Government primarily announced that it would residence a ‘double taxation’ of digital currencies underneath a GST as a