Bitcoin no longer double taxed in Australia

Australia Australia and Oceania Taxes

The 2016-17 budget of the Government of Australia exempts bitcoin and other cryptocurrencies from exempt from double taxation via the Goods and Services (GST) tax. It’s a decision in line with the Australian Government Treasury policy statement from March which predicted that cryptos are likely to be removed from double taxation. 

According to an excerpt from a summary of the 2016-17 Budget, a consultation paper on changing the GST treatment of digital currencies has been released which ensures that consumers are no longer‘double taxed’ when using cryptocurrencies.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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