Australians will soon 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, citizens will no longer face a controversial "double taxation" of their cryptocurrency – first when buying it, then later when buying items subject to the tax. Enacted in 2014, the law quickly received criticism from technology advocates, with government officials later pledging to rectify the issue in 2016.
The Australian Senate Economics References Committee proposed a review of the situation this August, and the Treasury Department first set out new legislation to resolve the issue in May's budget.
Following the passing of the bill this morning, as of July 1, 2018, bitcoin and other cryptocurrencies will now get the same GST treatment as foreign currencies, The Australian reports.
The move comes amidst a larger, international conversation about the tax treatment of blockchain-enabled assets, and the various approaches regulators can (or should) take.
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