Australian Treasury Consults Public on Bitcoin Foreign Currency Tax Exclusion
The public has 25 days to provide feedback on the proposed legislation.
New
Australia's Ministerial Department of the Treasury has reached out to the public to seek consultation on a bill that would prevent cryptocurrencies from being taxed as foreign currency if passed.
In a press release, Deputy Treasurer Stephen Jones outlined the Australian government's intention to exclude crypto assets from being treated as foreign currency for tax purposes. However, the legislation would have no impact on the collection of capital gains taxes on cryptos held as investments.
The public has 25 days, from September 6 to September 30, to provide feedback on the bill.
If enacted, the legislation will see the existing definition of digital currency in the Goods and Services Tax (GST) Act amended – effectively excluding crypto assets from the definition of foreign currency. GST is a general tax levied on goods, services and items sold or consumed in Australia.
The Treasury has noted that the respondent's personal information, including name and address, will be made public if there is no proactive deactivation.
The decision to exclude cryptocurrencies from foreign currencies is a direct result of El Salvador's adoption of Bitcoin (BTC) as legal tender. Australia plans to minimize potential uncertainties related to the taxation of cryptocurrencies through this legislation.
Related: Australia's new government finally signals its stance on crypto regulation
Mendoza, a province of Argentina, has
The public has 25 days to provide feedback on the proposed legislation.
New
Australia's Ministerial Department of the Treasury has reached out to the public to seek consultation on a bill that would prevent cryptocurrencies from being taxed as foreign currency if passed.
In a press release, Deputy Treasurer Stephen Jones outlined the Australian government's intention to exclude crypto assets from being treated as foreign currency for tax purposes. However, the legislation would have no impact on the collection of capital gains taxes on cryptos held as investments.
The public has 25 days, from September 6 to September 30, to provide feedback on the bill.
If enacted, the legislation will see the existing definition of digital currency in the Goods and Services Tax (GST) Act amended – effectively excluding crypto assets from the definition of foreign currency. GST is a general tax levied on goods, services and items sold or consumed in Australia.
The Treasury has noted that the respondent's personal information, including name and address, will be made public if there is no proactive deactivation.
The decision to exclude cryptocurrencies from foreign currencies is a direct result of El Salvador's adoption of Bitcoin (BTC) as legal tender. Australia plans to minimize potential uncertainties related to the taxation of cryptocurrencies through this legislation.
Related: Australia's new government finally signals its stance on crypto regulation
Mendoza, a province of Argentina, has
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