Credit to: Tax News
: Bitcoin Set To Be A ‘Global Currency’ In Australia
A new inquiry from the Australian government is looking to change current tax codes for Bitcoin in Australia. The initiative seeks to establish similar progressive standards in nations like the UK, Canada and Singapore, where Bitcoin is considered money.
Over the past year, bitcoin has become an increasingly popular commodity in Australia.
It is attracting business to the nation, and bitcoin ownership in Australia is among the world’s highest per capita, with 7 percent of the world’s bitcoin circulation running through the nation.
However, recently a new regulation, the Goods and Service Tax (GST) was levied on Bitcoin transactions, by Australia’s Taxation Office. The new law labeled Bitcoin an “intangible asset” causing a double-taxation effect for Bitcoin businesses.
This maybe hard for bitcoin users in Australia.