The public has been supplied with 25 days to share their opinion on the projected legislation.
Australia’s ministerial department of Treasury reached bent on the public to hunt consultation regarding draft legislation that might exclude cryptocurrencies from being taxed as a foreign currency if passed.
In a press release, Assistant treasurer writer Jones highlighted the Australian government’s intent to exclude crypto assets from being regarded as a far off currency for tax purposes. However, the legislation would haven't any impact on the collection of capital gains taxes on crypto held as investments.
The public has been given 25 days, from Sept. 6 to Sept. 30, to share their opinion on the proposed legislation.
If signed into law, the legislation can see the amendment of the existing definition of digital currency in the goods and Services Tax (GST) Act — effectively excluding crypto assets from the definition of foreign currency. GST could be a broad-based tax levied on product, services and things oversubscribed or consumed in Australia.
The Treasury noted that the respondent’s personal info, together with name and address, are going to be created public if not proactively opted out from an equivalent.
The move to exclude cryptocurrencies as foreign currency could be a direct result of El Salvador adopting Bitcoin (BTC) as a tender. Australia plans to reduce the potential uncertainties related to taxing cryptocurrencies through this legislation.
( Arijit Sarkar, Cointelegraph, 2022 )