KCN Australian authorities to consider cryptocurrency double taxation issue
Channel: KCN News
Date: 2017-05-09

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Australian government is going to solve the problem of double taxation of digital currencies. The current Australian tax legislation considers transactions with cryptocurrencies as a barter arrangement, which means that companies selling digital currencies must pay a Goods and Services (GST) tax, and a tax for exchanging fiat currency into cryptocurrency. The government is working with the FinTech Advisory Group on options to reform the current GST treatment of digital currencies and released a consultation paper for public consideration as part of the Budget for 2016-2017.

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