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Australia emerges as global leader in bitcoin, blockchain technology

Bitcoin tax

In #Australias 2016 #financialbudget , has emerged as the surprise world leader in #digitalcurrency after the Turnbull Government revealed plans to reduce tax on #Bitcoin transactions and create ways to test other intangible currency in the country.....

....The Australian federal government announced plans to reduce taxes on bitcoin to ten percent, according to the #HeraldSun . Revealed as part of the 2016 federal budget, the bitcoin tax cut comes as part of a $200,000 government commitment to financial technology. Last year, the Senate Economics References Committee recommended this cut to encourage exploration around digital currencies.....

existing laws dictated a double tax on bitcoin, once when exchanging fiat for digital currency, and GST applied again when a digital currency is used for settlement.

Daniel Alexiuc, CEO of Living Room of Satoshi, a successful Australian bitcoin and blockchain-startup offered his views about double taxation. Speaking to CCN, he said:

The Australian Taxation Office’s (ATO) original ruling, ostensibly the only valid interpretation of existing laws, resulted in an double tax on bitcoin. e.g If you pay $4 in bitcoin for a coffee, you will pay 40c GST for the coffee, and 40c again for the bitcoin you used to pay for the coffee.....

For More...

Read Article@heraldsun>>

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