Industry calls for ‘correction’ of Australian bitcoin taxation

An inquiry by the Senate Economics References Committee into an appropriate framework for digital currencies in Australia was successfully moved in Parliament on Thursday by the committee’s chair, NSW Labor Senator Sam Dastyari.
The inquiry is set to evaluate the appropriate definition of cryptocurrencies under Australian taxation laws, and is expected to deliver its final report on March 15 next year.
Australian Digital Currency Commerce Association (ADCCA) chairman Ronald Tucker was quick to support the move, saying today that he hopes it will result in a “correction” of the current taxation treatment of the cryptocurrency.
“I am pleased the inquiry announced today will look at tax treatment issues, which I hope will lead to a correction of the current interpretation of bitcoin as taxable supply,” said Tucker in a statement.
“ADCCA recognises the need to bring digital currencies under the auspices of appropriate regulatory bodies such as the Australian Transaction Reports and Analysis Centre (AUSTRAC), to ensure the highest standards of consumer protection and safeguard national security,” he said.

This post was published at ZDNet on October 2, 2014 —.