All right let's keep it simple.... As of July 1st 2017...Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
In its budget summary for 2017-18, the government states that as part of its plan to “make it easier” for digital currency businesses to operate in the country. It will ensure that nowhere in the supply chain is general sales tax (GST) paid more than once.
“The Government will make it easier for new innovative digital currency businesses to operate in Australia,” the summary reads.
Bitcoin traders and investors will not be taxed for purchasing and selling Bitcoin through regulated exchanges and trading platforms.
Over the past two years, the Australian Bitcoin exchange market significantly fell behind growing markets such as South Korea, Japan and South Korea, that control more than half of the global Bitcoin exchange market share.
Two majors factors which drove startups, exchanges and businesses dealing with Bitcoin and other digital currencies in Australia away from the country where the termination of banking services by leading Australian banks due to their anti-competitive nature and the double taxation of Bitcoin trading by the Australian government.
More importantly, the Australian government’s new vision to spur the growth of fintech and the digital currency market would most likely prevent local banks and financial institutions for unfairly denying banking services to Bitcoin businesses and exchanges.
It's called Bit"coin" for a reason so that it can replace fiat currency.
I was not aware of those developments in Australia - thanks for letting me know.
Hopefully you deem my answer worthy... If more governents follow Australias example then all crypto currencies would go to the moon.
I am pleased l found your comment! I am an Aussie and only found out about bitcoins last week, and got approved for steemit yesterday :-)
I best be reading the new budget... So much to learn..
Glad you spotted this although I'm not Australian(don't hold it against me ) I too am new to crypto currency and made a post 2 months ago about this...
https://steemit.com/bitcoin/@mithrilweed/australia-to-recognize-bitcoin-as-money
I then kept using google to track down more info on what your government is doing with Bitcoin... seems like they are finally getting their game together.
I also checked your profile and see that you've not made any posts Here's some links that may help... https://www.steemithelp.net/
https://steemit.com/steemit/@igsamuel/how-to-succeed-on-steemit-quick-guide-for-beginners
Thankyou so much for the links, my brain is overloaded with info lol..I will set up my profile today.. It was 2 pm last night when i was reading this post..oops :)
I am looking forward to being a part of this community that can teach me so much... Thanks heaps mate :-)