[2017-05-10]Good News: Australia Drops Double Taxation on Bitcoin

[Vladdirescu87]

The Australian government has finally decided to drop the goods and services tax (GST) on digital currency purchases, including Bitcoin.

According to our recent report, the Australian government expressed its concerns about the double taxation of Bitcoin and responded that it’s going to solve the problem. The national budget for 2017-18 says that starting from July 1, 2017, purchases of digital currency will no longer be subject to the GST.

You can read the full article and take part in the discussion here: https://coinidol.com/australia-drops-double-taxation-on-bitcoin/

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[darkangel11]

Great news, they were missing out. I read about it 2 years ago, when they, as the only country in the world at that time, have decided that bitcoin is like goods and traders should pay VAT. Completely ridiculous ruling that basically banned exchanges from being based in Australia. It took quite a long time for them to realize the mistake, but better late than never.

[SHAWN-MIDWAYS]

This is a big score for bitcoin and our Australian friends who will now be able to access cheaper bitcoins
and we should expect this move to also indirectly influence other countries to endorse its usage