THELOGICALINDIAN - The Australian Treasurer and the FinTech Advisory Group met on Friday to added altercate the development of addition in the banking casework area Among capacity focused on were blockchain technology and catastrophe the bifold tax for agenda currencies including bitcoin
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Some Progress Made
The affair discussed various FinTech topics, including a analysis of opportunities for blockchain technology. Also, the government common “its ambition to stop the ‘double taxation’ of agenda currencies beneath the GST regime.”
Currently, consumers in the acreage bottomward beneath are ‘double taxed’ back application agenda bill to buy annihilation already accountable to Goods and Services Tax (GST). The Australian Tax Office (ATO) does not accede bitcoin and added cryptocurrencies money or adopted currency.
“They’re advised as assets for basic assets tax purposes, authoritative them added like a bargain arrangement,” according to the ATO. “When accepting bitcoin in acknowledgment for appurtenances and services, a business may be answerable GST on that bitcoin.”
However, according to the columnist release, “the Advisory Group has already fabricated some absolute advance alive with government.”
Ending the Double Tax on Digital Currencies
In March, the Australian government appear its charge to end the arbitrary analysis of agenda bill for the aboriginal time. Following the advertisement Australia’s Treasurer, Scott Morrison, appear a altercation cardboard on the GST analysis of agenda bill in May.
The government has been alive on the framework of how it can 
end bifold taxation of agenda currencies back the announcement. With the altercation paper, he arrive absorbed parties to abide acknowledgment and comments on the architecture of the angle to abode the GST issue. The closing date for submissions was June 3, 2016.
Bitcoin is ‘Increasingly Popular’
The Australian government has again accustomed the popularity of bitcoin as a adjustment of payment. In its Digital Currency Guide, the government writes:
Overall, the Australian government is committed to alive with the FinTech industry to actualize an internationally aggressive ambiance and “play a axial role in acceptable the absolute transformation of our economy,” their advertisement stated.
When do you anticipate the Australian government will assuredly end bitcoin bifold taxation? Let us apperceive in the animadversion area below.
Images address of ATO, Twitter, Shutterstock
