The Australian Government has officially confirmed it will treat digital currencies “just like money” from 1 July 2017 and it will no longer subject digital currencies to double taxation. This change reverses the previous position to double tax the use of digital currencies that is to tax the acquisition of currencies and the application of such currencies. A number of well-known operators have withdrawn from the country in 2014 due to the “double taxation” position of the Government. The budget papers indicate a desire to change Australia’s environment. Given this position the development of an Australian Cryptocurrency Exchange is under consideration.
This is an opportunity for investors both in digital currencies and for investors wishing to become involved in a crypto-currency / digital-currency trading house.
1. Cryptocurrency price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice.
2. The authors are not responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader.
3. The information contained on these pages has been prepared without taking into consideration any person’s personal objectives, financial situation or personal circumstances. Because of this, before acting on this information you should consider its appropriateness, having regard to your or your client’s personal circumstances.
4. Always remember that only those in possession of the private keys are in control of the “money.”
5. NewTribeZ (NewTribeZ.net and NewTribeZ Radio) and its parent company the Gibson Company Group Pty Ltd have significant investmenst in the cryptocurrency economy. NewTribeZ derives funding from its cryptocurrency activity to fund current and future projects. It is such activities that ensure NewTribeZ is not beholden to any other party and empower it to be truely independent.
6. NewTribeZ does not recieved nor dose it seek to recieve any remuneration for posts or comment made on this page.