Why Coin Loft Customers Won’t Pay Australia’s 10% Bitcoin Tax
Coin Loft finds a workaround to an Australian tax law that had previously meant taxes would be applied to the total value flowing through bitcoin exchanges in the country. Users will now save 10% of value on transactions when using Coin Loft's platform. Digital currency exchange and wallet platform Coin Loft announced yesterday it was no longer to charge the Australian “goods and services” tax upon the total value of BTC transactions on its service. Following a ruling by the Australian tax authorities in 2014, bitcoin has been classified as a separate entity from “money,” and were....
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Australian exchange Coin Loft has received an official ruling exempting it from having to charge Goods and Services Tax (GST) on local bitcoin sales, according to the company. The exchange claims the private ruling from the Australian Taxation Office (ATO) means that it need not apply the GST to its bitcoin exchange price. As a result, the firm ceased charging the tax on 26th January and says it is the first Australia-based exchange to do so. The tax must still be charged on the commission component of the order, however, and a Coin Loft blog post also stated that commission fees would....
Executives from two of Australia’s “big four” banks have said they won’t allow their retail customers to trade crypto with ANZ, adding they’re happy they didn’t “go head long” into a cryptocurrency offering. Executives at two of Australia’s “big four” banks have ruled out allowing retail customers to trade cryptocurrency on their platforms, with one reasoning that customers don’t understand “basic financial well-being.”Speaking at the Australian Financial Review Banking Summit on Tuesday Maile Carnegie, executive for retail banking at Australia and New Zealand Banking Group (ANZ), said....
In the past year or so, a new trend has emerged in the world of Bitcoin in the form of digital currency debit cards. Several companies are trying to make a name for themselves in this market, with the likes of Xapo and ANX being two of the major names. E-coin, a UK-based company, may have a leg up on their competitors though as their Bitcoin debit card is available right now for a very small fee. E-coin is not the name of just another altcoin, as it is a UK-based company offering Bitcoin debit cards to their customers. As you would come to expect, the overall community is rather wary of....
Australia isn’t stepping on the brakes this time as it took a huge step of enlisting their first ever ETF to invest in Bitcoin and Ethereum. And it’s going live on April 27. 21Shares and ETF Securities have recently teamed up to launch two funds that are to be listed in Australia’s CBOE Exchange Trading […]
Amid a challenging regulatory environment, Australia’s biggest telecoms operator Telstra has indicated it is considering Bitcoin as a future payment method. Head of the company’s digital operations Monty Hamilton made the comments at a global technology conference in Texas in March, Herald Sun reports. Telstra, he said, is keen to keep in touch with consumer trends with the company having integrated PayPal for payment in 2013. “If we see demand from customers these are things we will actively consider,” he stated, adding that “The scale of our customer base is representative of society —....