Deloitte has announced its partnership with the Australian Digital Currency Commerce Association (ADCCA) to “work on the strategic, tax and regulatory changes that will need to happen” in Australia.
The world’s fourth-largest accountancy firm will form a working group with ADCCA members, tasked, iTnews reports via Silicon Angle. The focus of the group is due to comprise “creating accounting practices” for businesses dealing with Bitcoin and other cryptocurrencies.
Speaking about the news, Deloitte Australia partner Jonathan Perkinson underlined the firm’s long standing interest in the Australian digital payments space.
“Deloitte has had an interest in digital currencies for quite some time, so this was a great opportunity to get involved. Digital currencies have a lot of momentum at the moment,” he said. “With ADCCA, we’ll be working on the strategic, tax and regulatory changes that will need to happen, and we’ll be recommending and challenging specific changes in those arenas.”
Perkinson made specific reference to the situation regarding taxation of cryptocurrency transactions, which have made it compulsory for entities registered for Australia’s general sales tax (GST) to pay a 10% fee on any trading in bitcoin. Regulatory