Australia Double Taxation On Cryptocurrencies Is Coming To An End
Starting next year, people in Australia will no longer pay for goods and services tax on purchases using cryptocurrencies.
The double taxation of cryptocurrencies was applied first to buying them and eventually to buying goods and services using them.
But now, it is coming to an end. A review on this was proposed by the Australian Senate Economics References Commitee in August this year and the Treasury Department first start out new law to resolve the issue in May's budget.
On July 1, 2018, cryptocurrencies including Bitcoin will be getting the same GST treatment as foreign currencies.
This move comes as more international concerns about the tax treatment of blockchain-powered assets are coming.
Australian University Lets Students Earn ETH from Campus Purchases
An Ethereum-based reward system was offered by the University of New South Wales (UNSW) to its students in partnership with a blockchain startup.
Photo Credit: https://globalmaryland.umd.edu
The reward system will allow students to earn Ether tokens for any purchases made on the campus.
The program will only run in a limited time from October 06 to Novermber 20, 2017.
The blockchain startup is excited to know how the student members will respond to the program as Ethereum's price recently has a sharp rise.
The program is only limited to 500 members who registered. Participants can earn $5 worth of ETH per ten transactions made using a mobile application.
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