Australia is about to cancel the bitcoin double tax

Australia is about to cancel the bitcoin double tax

The Australian Minister of Finance and financial technology advisory group meeting on Friday, further discuss the national financial services innovation. Cancel the relevant issues related to block chain technology and digital currency double tax, including bitcoin.

   

Progress

The meeting discussed the topic of a number of financial and technology related, including block chain technology opportunities. In addition, the government has repeatedly stressed its intention to cancel the digital currency as a double taxation system of consumption tax.

At present, the Australian people use digital currency to pay the consumption tax (GST), and the need to double taxation. The Australian Taxation Office (ATO) does not recognize bitcoin and other encryption currency is a currency or foreign currency. ATO said:

They belong to the categories of assets, capital gains tax in the range, is more like a barter transaction [1]. When an enterprise to bitcoin for income to sell goods and services, it must pay the consumption tax for the amount of bitcoin.

However, according to the report, the Advisory Group and the government in the relevant tax issues have made some substantial progress.

Digital currency Double Taxation

In March this year, the Australian government for the first time publicly committed to the termination of the digital currency unfairly. Then, Australian finance minister Scott? Morrison (ScottMorrison) on tax issues of digital money consumption released a research report.

 

(Australian finance minister Scott Morrison?)

Since then, the government has been put forward in the study of digital currency Morrison taxation framework. In a research report, Morrison sincerely invited interested parties or organizations involved in digital currency Taxation Framework and feedback design. Proposal submission deadline is June 3, 2016.

Bitcoin is becoming more and more popular

The Australian government has repeatedly said publicly that bitcoin is a popular method of payment, wrote in its digital currency guide:

In Australia, and other digital currency bitcoin has become more and more popular, is a popular mode of payment.

In short, the Australian government promised to cooperate with the financial industry of science and technology, to create an international competitive environment, and served as a positive role in supporting the economic transformation in the center.

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