Australia Bitcoin to Be Treated as Currency

Australia Bitcoin To Be Treated As Currency

World Forex Brokers, Posted on August 04, 2015 facebook-icon

Bitcoin has gotten a major boost in Australia after a government inquiry reversed an earlier decision treating bitcoin as a commodity for sales tax purposes.

The Senate Economics References Committee’s review of digital currency has recommended that bitcoin be considered “national or foreign currency” for Goods and Sales Tax (GST) purposes. This overturns previous guidance from the Australian Tax Office (ATO) deeming it a commodity, thereby subjecting its purchase to GST.
The Committee has indeed recommended that regulations treating bitcoin like money in this realm be enacted. In the US and elsewhere, bitcoin is treated like property for tax purposes but is still subject to money services licensing laws.

Thus, nothing is lost on the money transmission side, and the change is a net gain for Bitcoin in Australia.

 
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