Australian Government Seeks To Remove Double Taxation Of
Digital Currencies
The Australian
Government has outlined a clear strategy and agenda for
FinTech, based on the issues identified by the sector,
in its FinTech statement – Backing Australian FinTech –
released on 21 March 2016.
The statement
identifies priorities for the development of a strong
and competitive FinTech industry. This includes the
government’s commitment to address the ‘double taxation’
of digital currencies under the goods and services tax
(GST).
The statement builds on
the earlier announcement about the establishment of a
FinTech Advisory Group to advise the Treasurer on issues
important to Australia’s FinTech industry. The FinTech
Advisory Group will identify areas of potential reform,
including in relation to digital currencies, and ensure
that the specific priorities of industry are considered
in the implementation of government policies.
Last week, the
government’s response to the Senate Economics References
Committee Report on digital currency, was published,
which highlights the government’s intention to engage
the FinTech Advisory Group in the development and
implementation of its responses: