The Australian Treasury department recently proposed a bill to boycott crypto investors from paying foreign currency taxes. They gave the public 25 days to comment their views on the proposed bill, according to reports.
Australian Authority To Scrap Crypto As Foreign Currency
The latest reports showed that the Australian regulators are seeking public comments on the recent bill they drafted concerning crypto. The bill entails that foreign currency taxes would no longer apply to crypto assets.
In the announcement, Stephen Jones, Australia’s assistant treasurer, stated that the country’s government no longer considers digital assets foreign currency. Henceforth, he added that crypto investors are no more obligated to pay taxes for holding foreign currencies.
Nonetheless, he stated that the recent bill did not include taxes that investors had to pay on gains they made from crypto assets transactions. According to the post, anyone who wants to comment on the new bill has until the 30th of this month as the regulators gave the public only 25days starting from September 6.
Meanwhile, crypto assets are foreign currencies according to the Goods and Services Tax (GST) Act of Australia. The GST taxes Australian citizens must pay on all goods they consume within the country.
However, if the parliament passes the new bill the regulators propose, the act will automatically be amended. Therefore, digital asset holders would not have to pay the GST taxes anymore.
Crypto Payments Adoption Continues To Grow Amongst Countries
In the post, the Treasury Department pointed out that they would publicly reveal the details of individuals who render their opinions, including their names and addresses. In addition, analysts suggested that the adoption of crypto directly inspired the action of the country’s regulators in El Salvador’s monetary system.
Furthermore, Australia aims to use this new bill to further tap into the benefits of crypto technology as it reduces its stringent tax laws. Meanwhile, tax regulators in Mendoza, a state in Argentina, recently started allowing taxpayers to use crypto assets to pay taxes.
They stated that paying taxes with crypto allows their citizens to be more faithful in paying their dues. They added that the process was part of their strategic development plan on modern technology and innovations.
The Mendoza tax regulators officially adopted the crypto payment method on their webpage. Hence, users who wish to pay their taxes in crypto can do so without stress with Ripio, Bybit, or Binance wallet.