Australia is committed to provide favourable conditions for the development of technology companies and create their own FINTECH centers. The government demonstrates its intention to become one of the most progressive jurisdictions. The Australian government does not preclude the use of Blockchain technology in the different spheres of government (e.g., control land-based transport). The possibility of using the Blockchain and considering Australia Post (Australia Post). Actively developing and private projects related to digital money and decentralized technologies.
Digital currency is not considered as a financial product and therefore cryptocurrency activities not subject to licensing (except for activities associated with Fiat money or other financial products). Australia has a Code of conduct for industry players digital currencies (Australian Digital Currency Industry Code of Conduct) developed by the Association of digital currency and Commerce of Australia (Australian Digital Currency & Commerce Association). The document establishes appropriate standards for the conduct of the business of the cryptocurrency in the country, but is binding only for the members of the Association. Australia is actively developing legislation in the sphere of combating legalization (laundering) of incomes obtained in a criminal way and financing of terrorism, which would take into account the possibility of using digital currency to commit these crimes.
Operations with bitcoin are subject to tax in accordance with the standard rules of taxation, i.e. income tax (Income Tax) and profit tax (Corporate Tax). While in Australia there is a problem with double taxation of digital currencies: a tax on goods and services (Goods and Services Tax) is charged on the exchange of Fiat currency to digital, and when you pay for goods and services received by the cryptocurrency. At the same time, when using cryptocurrencies as investment is not paying tax on capital gains (Capital Gains Tax).