Australia bitcoin double taxation will cancel the government to encourage the development of financial science and technology in July

Australia bitcoin double taxation will cancel the government to encourage the development of financial science and technology in July

Bitcoin.com recently reported that the Australian government is planning to end the controversial bitcoin double taxation, and increase the research and development of financial technology in china.

According to a recent Australian authorities budget report released in May 10th, the leaders of the plan “will create Australia to become the world’s leading financial technology development area”, double taxation authorities are preparing to end Australia bitcoin.

Australia will end in July this year, bitcoin Double Taxation

According to the Australian National 2017-2018 year budget report, Australia is to embrace financial technology and digital currency. The report details the leader of Australia is committed to becoming a global financial technology, budget to create a new location for the local industry. Bitcoin, the government decided to modify the state of the goods and services tax (GST), the termination of bitcoin double taxation.

“The government will make innovation bitcoin business easier for business in australia. From July 1, 2017 onwards, bitcoin purchase will no longer be subject to consumption tax constraints, allowing bitcoin is regarded as the consumption tax money.”

The budget report said,

“At present, consumers need to bear double taxation bitcoin: one is to buy bitcoin, the two is the use of bitcoin.”

“Science and technology innovation and financial support”

Interpretation of Australia’s “supporting innovation and technology financial budget report said,” new coins are encouraged to join a business can help early access to start-up capital, and under the supervision of the financial science and technology project.

In addition, the government also for joint ventures, start-ups and early-stage innovation company (ESIC) introduced a new tax preferential policies. The report explained that the revised bitcoin tax regulations, the end of bitcoin double taxation will enhance innovation between consumers and enterprises in australia.

2017-2018 years of budget regulations also specify after July 1st bitcoin tax will be how to operate. A person to buy bitcoin payment video game report description, and how a tax for the type of transaction. According to the new interpretation of the measures, if the personal use of Australian dollars to buy bitcoin, will no longer be bound by the GST, no longer appear bitcoin double taxation.

Bitcoin has become increasingly popular in Australia

Bitcoin in Australia has been growing steadily. The country now has 13 bitcoin ATM and several exchanges and brokerage services, such as Coinjar, CoinLoft and Australia retail trading company.

In addition, the number of local bitcoin Australia this year also increased exponentially. The country has an Australian digital currency business association (ADCCA), more privacy and regional currency, many bitcoin advocates. ADCCA also to the Ministry of Finance submitted a letter to help strengthen the revised in 2014 to develop a consumption tax.

According to the budget report, with the July 1st implementation of the new consumption tax agreement guidelines, Australia will want to encourage more digital money and technology in domestic growth.

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