AS OF 01 JULY 2018, AUSTRALIAN CITIZENS WILL NO LONGER BE SUBJECT TO DOUBLE TAXATION ON CRYPTOCURRENCIES (I.E. BITCOIN)

ALL HAIL THE AUSSIE GOVERNMENT FOR REVIEWING LEGISLATION THAT FELT LIKE DIGITAL CAPITAL PUNISHMENT. AS IT WAS, TAXPAYERS WERE FIRST LEVIED TAX ON CRYPTO CURRENCY PURCHASES, AND THEN LATER TAXED WHEN BUYING GOODS AND SERVICES THAT ARE SUBJECT TO THE TAX.

THIS LAW HAS BEEN SCRAPPED AFTER IT WAS IN PRACTICE FOR A GOOD TEENAGE 14 YEARS (YOU CAN IMAGINE THE ATTITUDE THAT CAME WITH THE BROADENING OF SHOULDERS, DEEPENED VOICE AND LIGAMENT SPROUT, SIGH!)

THE BANISHMENT OF THIS TAX SIMPLY MEANS THAT BITCOIN AND OTHER CRYPTO CURRENCIES WILL RECEIVE THE SAME TREATMENT AS ANY OTHER FOREIGN CURRENCY. SHINE AUSSIE SHINE!

REF: AUSTRALIAN PARLIAMENT/COINDESK