Australia Officially Ends Double Bitcoin Tax

From next year, Australians will no longer have to pay goods and services tax (GST) on cryptocurrency purchases.

Following the passing of new legislation in the country’s parliament today, the long controversial “double taxation” of cryptocurrencies – first when buying it, then later when buying items subject to the tax – is finally coming to an end.  

The situation arose from the previous law, enacted in 2014, which treated cryptocurrencies as bartered goods for GST purposes – legislation that quickly received criticism from technology advocates, and last year saw pledges from government officials to rectify the issue.

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