End of Bitcoin Double Taxation in Australia by July,1st

End of Bitcoin Double Taxation in Australia – Bitcoin Will Be Treated “Just Like Money”

Finally, Australia has decided to end the Bitcoin double taxation starting July,1st,2017

End of Bitcoin Double Taxation in Australia

This is another step into more use of Bitcoin.

Furthermore, the government plans to increase fintech(financial technology) research and development within Australia.

The country wants to position itself as a leader in the cryptocurrency space. It will be a lot easier for innovative new crypto currency businesses to operate in Australia.

Bitcoin Soon To Be Treated “Just Like Money” in Austalia

“From 1 July 2017, purchases of digital currency will no longer be subject to the GST, allowing digital currencies to be treated just like money for GST purposes. Currently, consumers who use digital currencies can effectively bear GST twice: once on the purchase of the digital currency and once again on its use in exchange for other goods and services subject to the GST.”

 

The popularity of Bitcoin has been steadily growing in Australia.

There are already 13 Bitcoin ATMs. Exchanges and brokerage services(Coinjar, Coin Loft, Bit Trade Australia) are also available and Localbitcoins transactions are growing exponentially. I am confident that we will see a drastic increase in new crypto currency businesses very soon.

This is a clear sign that the community in Australia is ready for a change. People embrace the new way of paying with Bitoin. Other Altcoins are also on the rise. In my opinion that is a great sign as the blockchain technology is one of the greatest innovations since ages. Our financial system will be changed drastically – to the better.

Blockchain technology is going to bring much more transparency into the world.

Well done Australia – end of Bitcoin double taxation is the first step to big changes.. Hopefully, many more countries follow Austalia`s lead so that innovation can take over 🙂 and benefit all of us in many more ways than we can even imagine right now.

BTW: Japan already legally recognized Bitcoin as a payment method in April 2017.

 

 

Posted by Crytpocurrency