In the government's
budget measures paper, removing GST on Bitcoin was called out every bit existence useful spell non costing the Federal Government whatever pregnant revenue: "Removing double taxation on digital currencies volition take away an obstruction for the fiscal Technology (fintech) sector to grow inwards Australia. This stair out is estimated to convey a small-scale but unquantifiable decrease inwards GST collections as well as associated payments to U.S. as well as Territories over the frontward estimates period."
Startups aren't happy amongst the locomote the authorities has done, though. CEO of startup advocacy grouping StartupAUS Alex McCauley: “There clearly isn't a focus on startups or invention inwards this budget. That volition for certain displace unopen to frustration, because the Government has done a lot to construct expectations that it is committed to making Commonwealth of Australia 1 of the best countries inwards the globe for innovators. It nonetheless has a lot of locomote to create to deliver on that commitment.
From the budget's fintech fact sheet:
The Government volition larn inwards easier for novel innovative digital currency businesses to operate inwards Australia. From 1 July 2017, purchases of digital currency volition no longer hold upwardly champaign of written report to the GST, allowing digital currencies to hold upwardly treated only similar money for GST purposes. Currently, consumers who utilisation digital currencies tin effectively deport GST twice: 1 time on the buy of the digital currency as well as 1 time over again on its utilisation inwards central for other goods as well as services champaign of written report to the GST.
Credit:-
https://www.gizmodo.com.au/2017/05/from-2017-bitcoin-and-other-digital-currency-will-no-longer-be-taxed-twice-in-australia/