Australia Ready to Treat Bitcoin as a Regular Currency
After ruling Bitcoin as an intangible asset just a year ago, the Australian Senate Economics References Committee now feels that Bitcoin should be treated as a regular currency for Goods and Services Tax purposes. This is due to many emerging enterprises leaving Australia for other countries with more progressive cryptocurrency regimes. For a long time, Bitcoin had been exempt from taxation in Australia. In July 2014, however, the Senate Committee decided to rule Bitcoin as an “intangible asset,” which meant that a Goods and Services Tax would be imposed on all transactions above $ 10,000.....
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Australia chooses not to treat bitcoin as currency. Australia's Tax Office has spoken, and it has declared that it will not treat Bitcoin as money or as foreign currency. It has instead opted to treat Bitcoin transactions as barter transactions, in a move that would have far reaching implications on Bitcoin use down under. Australia's Approach to Definition of a Currency. Definition of a currency or money in Australia falls under the Currency Act. To summarize, the Australian Currency Act permits transactions relating to money in Australia only to be undertaken using Australian currency or....
Governments and states have been taking different approaches towards bitcoin, with some such as the United Kingdom taking a relatively open-minded stance. Just recently, Australia also showed willingness to accept bitcoin as a regular currency, thanks to the Senate Economics References Committee review that concluded that bitcoin should be treated like any other currency when it comes to Goods and Services Tax (GST). This is in contrast to an earlier position taken by the Australian Taxation Office (ATO), which said last year that bitcoin is "neither money nor a foreign currency". This was....
Amidst the world’s jurisdictions preparing legislation for the crypto sector, Australia adopts a less-favoured approach when it comes to taxation. On Tuesday, Australia released its national budget for the year 2022-2023. The Aussie government mentioned in the papers that digital assets would be recognized as an asset class regarding tax policies and not as foreign […]
Australia may be the most intense hotbed of Bitcoin activity on Earth. Followers of this website have seen this country run the gamut on Bitcoin acceptance and public consumption. Some Australian cities are ready to run with Bitcoin as their primary, as our article on Tasmania's Launceston revealed. As I reported just days ago, Australia is ready to access fiat currency-based Good and Services Taxes (GSTs) upon Bitcoin. Australian residents have also paid tens of thousands of dollars in bills with Bitcoin. Now, the Australian government is prepared to have a "Senate inquiry" on the role of....
Australia was so far considered as one of the promising countries when it came to bitcoin adoption. On the contrary, Bitcoin has been going through a rough patch in the region for some time now, creating doubts about Australia's digital currency economy. All hope is not lost, thanks to Identabit. READ MORE: Bitcoin Takes a Back Seat in Australia. Merchants Stop Accepting it. Identabit is as identity based decentralized currency created by a bunch of software professionals. The four member founding team of Identabit consists of John Underwood, Dan Larimer, Paul Neilson and Stan Larimer.....