Australia’s Law to End Double Taxation of Bitcoin Stalled
Last year, Australian Treasurer Scott Morrison promised to swiftly act on changing the goods and services tax (GST) law, in order to end the double taxation of bitcoin and other digital currencies. However, over fourteen months have passed without any legislative progress. Now, the issue is no longer a priority and bitcoin continues to bear GST twice in....
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However, it seems only normal governments around the world want to make sure Bitcoin is part of their AML regulation. Moreover, this decision indirectly gives cryptocurrency the label of “money” in Australia. Exciting changes are coming to Bitcoin in Australia, as the federal government will change their regulatory stance on cryptocurrency. Avoiding double taxation is the primary objective, and local AML/CTF regulations will be extended to cryptocurrency. First and foremost, the Australian government has announced they will change the way GST on Bitcoin is calculated, as they want to avoid....
Following a policy statement by the Australian Government Treasury in March that saw the authority reveal that digital currencies such as Bitcoin are likely to be exempt from double taxation via the Goods and Services (GST) tax, the Australian Government has kept its word. The Australian Government’s Budget 2016-17 has listed its intention to remove the double taxation levied on digital currencies like Bitcoin. An excerpt from a summary of the 2016-17 Budget that focused on Jobs and Growth, released today, read: The Government has released a consultation paper on changing the GST treatment....
The recent ruling of the ATO in Australia has led to a situation where users of Bitcoin and other Cryptocurrencies will effectively be charged a double Goods and Services Tax (GST) for buying and using Bitcoin and other Cryptocurrencies. In effect, what is happening is the user will be charged a 10% GST when purchasing Bitcoin from an exchange. Then when the same user goes to The Living Room of Satoshi or another Bitcoin and Cryptocurrency related business they are charged a 10% GST yet again. This situation has led to The Living Room of Satoshi shuttering its business as the new....
New Jersey is known for many things. As a burial ground for New York mobsters. Home to an impressive array of environmentally toxic factories. Atlantic City is the established gambling capital of the Eastern United States. Newark, New Jersey: one of the United States's most criminal-minded cities. And a catchy state tourism jingle "New Jersey and You. Perfect Together!". Now you can add one more feature to its impressive resume. New Jersey is ready to begin the double taxation of New Jersey residents who own and use Bitcoin for retail transactions. As someone who lived in New York for over....
A new inquiry from the Australian government is looking to change current tax codes for Bitcoin in Australia, which are proving to be controversial and counter-productive, hurting businesses and growth. The initiative seeks to establish similar progressive standards as in nations like the UK, Canada, and Singapore, where Bitcoin is considered money. Bitcoin regulation has been, and will continue to be, a hot topic as it continues to gain momentum and interest in personal and corporate finance, worldwide. This issue has been a main focus of the Australian Senate over the past year, as....