Australian Treasury Department Consults with the Community on Bitcoin’s Exclusion from Foreign Currency Taxes

Australian Treasury Department Consults with the Community on Bitcoin's Exclusion from Foreign Currency Taxes

The Australian Department of Treasury has reached out to the public to seek consultation on a bill that would, if passed, exclude cryptocurrencies from taxation as a foreign currency.

In a press release, Deputy Treasurer Stephen Jones outlined the Australian government’s intention to exclude crypto assets from being treated as foreign currency for tax purposes. However, the legislation would not affect the collection of capital gains taxes from cryptocurrencies held as investments.

The public has 25 days, from 6 to 30 September, to comment on the proposed legislation.

If enacted, the legislation will see the current definition of digital currency in the Goods and Services Tax (GST) Act amended, effectively excluding crypto assets from the definition of foreign currency. The GST is a broad-based tax levied on goods, services and items sold or consumed in Australia.

The Treasury noted that the interviewee’s personal information, including name and address, will be made public unless they proactively opt-in.

The decision to exclude cryptocurrencies as foreign currency is a direct consequence of El Salvador’s adoption of bitcoin (BTC) as legal tender. Australia intends to minimize potential uncertainties related to the taxation of cryptocurrencies through this legislation.

ALSO READ: Australia’s new government finally states its position on cryptocurrency regulation

Mendoza, a province in Argentina, has started accepting cryptocurrencies for taxes and duties. The Tax Authority of Mendoza (ATM) said that the approval of cryptocurrency payments gives taxpayers an additional option to comply with tax obligations. In addition, this measure responds to its own “strategic objective of modernization and innovation. »

Starting August 24, Mendoza residents can use the ATM website to pay their taxes using any cryptocurrency wallet, including Binance, Bybit, and Ripio. The system generates a QR code based on the cryptocurrency chosen by the end user, who then converts an equivalent amount of stablecoins into Argentine Pesos through an undisclosed online payment service provider.

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