Australia finally introduced the bill that will kill double taxation on Bitcoin

Australian Bitcoiners have, for a long time, had to pay the goods and services tax (GST) twice, once when purchasing Bitcoin, and once when using Bitcoin to pay for goods and services subject to the GST. Now, the Australian government is finally introducing the bill that stops the double taxation of Bitcoin and other cryptocurrencies, as promised earlier this year. The move, according to Australia’s treasurer Scott Morrison, will “further cement Australia’s reputation as a global Fintech center”. In a statement, Morrison wrote:

“The Bill will ensure that Australians are no longer charged GST on purchases of digital currency, allowing it to be treated the same way as physical money for GST purposes. The law change will retrospectively apply from 1 July 2017, in line with the 2017 Budget announcement.”