The Australian Senate has stated that digital currency transactions should be treated in the same way as regular currency for the purposes of taxation.
An earlier judgment from Australia’s Taxation Office that labelled bitcoin holdings as “intangible assets” was protested by Australia’s bitcoin community, which viewed an additional 10% tax as punitive. This judgment has now been overturned.
The Australian Senate Economics References Committee recommends that the government consult with Australian states and territories to consider amending the definition of money in a 1999 Act of Parliament to include digital currency as a form of legal tender. This would make digital currency exempt from Goods and Service Tax (GST).
The post Australian Senate: treat digital currency as regular currency appeared first on Payments Cards & Mobile.