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Double taxation no more: Australian new crypto law implemented

Regulation

Australian cryptocurrency community has made many requests regarding the double taxation of cryptocurrency. This situation has been in place since 2014. The legislative structure implemented back then viewed cryptocurrency assets as bartered goods for goods and services tax purposes.

The community has launched a campaign to promote the law change, and so, now we can see its results. Cryptocurrency is now viewed as foreign currency and will be taxed as such. The law becomes effective on July 1, 2018, the probable reason why legislators chose this date is to ensure transitional period for governmental bodies and businesses.

This taxation relief bill was introduced at the end of September, and since then it became clear it will almost certainly be implemented. Overall, the Australian government took a positive approach towards cryptocurrency. Its lawmakers even established a parliamentary group of those who like blockchain technologies.


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