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Australia trying to turn Bitcoin into flat money

australia trying to turn bitcoin into flat money

The Australian government has recently suggested that Bitcoin and other types of crypto-currencies should be treated as flat money when it comes to goods and service tax. The Senate Economics References Committee (SERC) have released a report this Tuesday titled “Digital currency - game changer or bit player”, which wants the government to amend the Australian Taxation Office’s decision from August 2014 to treat digital currency as a commodity. In other words, they are trying to tax this form of currency accordingly.

The stance of the committee is basically that the view they are currently taking in the treatment of Bitcoin creates a double taxation effect, which only results in additional trouble for companies.

“Without a doubt, the main benefit will be the confidence and certainty that removing a service tax will provide to our own digital entrepreneurs, and the foreign businesses who want to set up here. The Treasury ministers need to work with the states to make the changes necessary to bring our legislation into the 21st century.” Labor Senator Sam Dastyari told the Australian Financial Review.

The final ruling from the SERC into the matter of digital currency is expected to be submitted to the Australian Senate on August 10. If it passes, Australia will join the UK in recognizing Bitcoin as a flat currency. They believe that it would be a positive step in encouraging the Bitcoin market to continue innovating and their hopes are that the Australian Bitcoin market will improve immensely.

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