You are viewing a single comment's thread from:

RE: Bitcoin to become “Just like Money” in Australia on July 1

in #bitcoin8 years ago

Was not intentional - as the Australian government is at least a decade behind modern values and technologies crypto was considered a product and was liable for the blanket 10% Goods and Services Tax. If you bought bitcoin you pay 10% GST on it, then spent bitcoin in Australia you pay 10% GST on whatever you buy.

On 1st July crypto will be considered a currency and therefor not liable for 10% GST on its purchase. Considering our government is actually replacing hundreds of thousands of old copper phone lines with fibre new copper phone lines its amazing it slipped through unnoticed