Australia officially ends double Bitcoin taxation

Australian parliament passes bill to officially remove double taxation of cryptocurrency
20 October 2017   1289

From next year, Australians will no longer have to pay goods and services tax on cryptocurrency purchases.

Thus, this week, both houses of the Australian Parliament passed a Treasury Laws Amendment (2017 Measures No. 6) Bill 2017, that is to eliminate the double taxation of digital currency. The bill now awaits Royal Assent by Australia’s Governor-General, at which time it will become an Act of Parliament.

As detailed, the bill will amend Australia’s tax system, ensuring that digital currency transactions are not subject to two instances of goods and services tax. Previously, Australian users were subject to taxation on both the purchase of digital currency and the use of digital currency for goods and services subject to GST.

The amendments provide that supplies and acquisitions of digital currency are generally disregarded for the purposes of GST. Consistent with supplies of money, supplies of digital currency are only recognized for the purposes of GST if the supply is made in exchange for money or digital currency.
 

The bill’s accompanying explanatory memorandum

Basically, in Australia, digital currency is to receive the same tax treatment as foreign currency in order to "decrease reporting burden on businesses that use digital currency".

Binance Android App to Support CC Payments

Additionally, crypto-fiat exchange Binance Singapore was launched
25 April 2019   83

Binance has updated the application for the Android OS. Now users can buy cryptocurrency using their credit cards.

In particular, the feature of buying Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash with your credit card is now available.

At the same time, the launch of the Binance Singapore crypto-fiat exchange took place. So far, only one trading pair is available to users of the site - BTC / SGD, but later in the listing other coins may appear.

Singapore users need not only to create an account, but also to link it to an account in the local Xfers payment service, which provides cryptowallet approved by local regulators.

It is noteworthy that earlier Xfers was a partner of Coinbase, when the latter launched its services in Singapore, but relations between the companies were terminated.