Australian Senate Committee Seeks to Overturn Bitcoin Tax Ruling
Digital currency transactions should be treated in the same way as fiat currency transactions for the purposes of Goods and Services Tax (GST), according to the Australian Senate Economics References Committee. A new report from the committee suggests changing the way in which transactions involving bitcoin or other digital currencies are classified. The recommendation represents a significant shift from a previous ruling by the Australian Taxation Office (ATO), which stated digital currencies were "intangible assets" and should be taxed as such. The report, titled Digital Currency - Game....
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There's been some minor commotion when it comes to the Australian stance on bitcoin. In short, people aren't happy (just take a look at the recent news from Coinjar). And now, we're learning that the Australian Senate is planning to launch an inquiry into bitcoin and other digital currencies. Specifically, the Senate Economic References Committee will be conducting the examination. Sam Dastyari, the Committee's chair, is responsible for spearheading the inquiry. So, just what the inquiry cover? According to ITNews, the purpose of the inquiry is to take a look at what options the Australian....
Reuben Bramanathan is associate counsel at Coinbase and Lecturer of Digital Currency Regulation at the University of Nicosia. He was involved with a number of submissions to the Australian Senate inquiry. Here, he explains the importance of the Senate Economics References Committee Report on Digital Currencies and what it means for bitcoin. The release of the Senate Economics References Committee Report on Digital Currencies marks the start of the next phase for bitcoin in Australia. The 74-page report, which is the result of 10 months of hearings, submissions and research by the....
Australian Senate chamber. The Australian Senate's Economics References Committee announced this week it would hold an inquiry into bitcoin and digital currency implications, aiming to present its findings to parliament in March 2015. Chaired by Senator Sam Dastyari of the Australian Labor Party, the committee will examine the potential economic impact of digital currencies across various industries, including banking and retail. A further aim is to help decide Australia's framework for regulating and taxing digital currency-related activities, in the hope that legal clarity will see the....
An inquiry by the Australian Senate into an appropriate framework for digital currencies in Australia is ongoing, ZDNET reports. The inquiry was successfully moved in Parliament on Thursday by the Economics References Committee's chair, NSW Labor Senator Sam Dastyari. The inquiry is expected to deliver its final report on March 15 next year. Also read: US Senate Homeland Security and Governmental Affairs Committee Hearing on Virtual Currencies Highlights (video). Ronald Tucker, Chairman of the Australian Digital Currency Commerce Association (ADCCA), said: "I applaud the committee's....
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.....