Australian government promised to abolish cryptocurrency tax

The Australian government announced a decision to exclude Bitcoin and other digital currencies from the list of objects that are levied on goods and services tax (GST). The announcement also describes other programs, the implementation of which will give Australia the opportunity to become a leader in the field of financial technologies of the new millennium.

In addition to the abolition of the tax, the government promises to support start-ups operating in the field of financial technology. One of the advantages for potential startups and investors, the government calls the work to provide a launching pad for business expansion in Asia. It is planned that Australia will become the market leader in technology and investment in Asia by 2017. It is worth noting that 55% of those entering the country for permanent residence are immigrants from China .
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Crowdfunding - public investment in promising projects is another modern financial instrument that, in the opinion of the government, must be fully developed and supported. It is planned to create a set of laws and regulations governing this area of ​​activity and providing easy access to crowdfunding for companies of various kinds.

Cryptocurrencies and other financial and technical innovations did not immediately fall in favor of the Australian government. In 2014, it was decided to tax Bitcoin , after which many startups began to consider alternative places to conduct their business, and experts criticized this move as hampering the development of modern financial technologies.

The GST tax is indirect, so as a result of the invoice it is paid by end users of goods and services - the tax is included in their cost. In this regard, at a time when cryptocurrencies were taxed, consumers who used them to purchase goods and services taxed actually paid double tax.

Australia always wins in the rankings of countries with a better standard of living and wins in almost all indicators - income, employment, quality of education and health care. If you’ve conceived a bitcoin startup and you’re not afraid of the ruthless sun (Australia is also the leader in terms of skin cancer) and poisonous spiders, you should think about the Australian headquarters.