ustralia! Commonwealth of Australia, a sovereign country comprising the largest part of the Australian Continent. Being the oldest, driest and flattest inhabited continent with a land mass of 7,617,930 square kilometers.
Canberra is the capital of Australia, Sidney the largest city and the country´s population is estimated at 25,055,600 (2018).
A diverse country to say the least with tropical rainforests in the northeast, mountain ranges in the southeast and deserts in the center. Say what?
Australia is the second-wealthiest country only behind Switzerland. Its economy is a broad mixed-market, and it has not crashed in 26 years with a GDP of 1.69 Trillion and 55,707 per capita as of 2017. (Thank you Wikipedia you are wonderful. )
“Australia has just snatched the world record from the Netherlands, achieving its 104th quarter of growth without a recession, making this achievement the longest streak for any OECD country since 1970.” — Matt Barrie in a Medium Post “Australia´s Economy is a House of Cards”
The country has been very upfront about cryptocurrency and was one of the first to self-regulate and treat cryptocurrency as legal tender (asset, property) back on July 1st, 2017, soon after Japan.
“Regulation will also help strengthen public and consumer confidence in the sector” — Nicole Rose the CEO at AUSTRAC (Australian Transaction Reports and Analysis Centre)
And she was right on the money.
Its government has shown a positive interest in the technology as well as in protecting their people while expanding the technology. The public feels safe and well-informed by their government, and so they do not hesitate to speculate and even get involved.
A recent survey by Finder-backed brokerage firm HiveEx showed that out of 2000 Australians at the beginning of the year only 5% owned cryptos and as of August the numbers almost tripled to a 13, 5%.
Things are looking good for cryptos all around Australia. Despite the crash of the market Australians are still trusting and holding on to the technology.
Brisbane was the first airport to start accepting BTC, and now Queenslandhas been working with cryptos as well to attract tourists. And there are over 1,200 newsstands to buy BTC and ETH.
Find other BTC locations in Australia: Bitcoin Location Finder Australia
An automated billing platform Gobill has partnered with a cryptocurrency exchange allowing cryptocurrency holders in Australia to pay their bills in virtual currency. Living Room of Satoshi is also a way to pay your bills if you live in Australia!
We have seen many governments expose concerns as (what seems to be) an excuse not to join the expansion of the new technology, while Australia has taken the same concerns and paved a path for the technology by finding the right measurement of regulations.
One of the reasons for the graceful embrace of the technology may be the public´s discontentment about their 4-main-banks (Westpac, Commonwealth Bank of Australia, ANZ, and National Australia Bank) monopoly stronghold held over consumers controlling and limiting their power of choice.
Taxation has been carefully analyzed by the ATO (Australian Tax Office) to regulate and control cryptocurrency. ATO can track down cryptocurrency investors, who must keep a record of every transaction they make. Whether you are an individual or a business you can find valuable information on ATO´S and ASIC´S website regarding your cryptocurrencies.
Keeping a record of transactions:
· The timestamp of transactions;
· The value of the cryptocurrency in Australian dollars at the exact time of the transaction;
· The destination even you just specify the cryptocurrency address and the purpose of the transaction.
So make sure to save:
· Receipts of purchases and transfers;
· Exchange records;
· Records of agents, accountants and legal costs;
· Digital wallets records and keys;
· Software costs relates to managing your tax affairs.
Taxation for Cryptocurrency in Australia according to ATO:
Up to 10,000$ (AUD) in cryptocurrencies used for personal goods and services do not have to pay taxes, any other purposes are taxable.
Investments: by holding cryptocurrencies as an investment you will pay capital gains (CGT) on any profits made when you decide to sell them, but only in the time of sell.
Trading: when trading for profits it will be considered as part of your assessable income.
Business: by using cryptocurrency to pay for or receive goods and services, transactions are subject to goods and services tax (GST).
Mining: profits will be added to your assessable income.
Cryptocurrency Exchanges: when buying and selling cryptocurrency you will pay income tax on the profits and transactions will be subject to GST.
ASIC also offers a guide to help understand all the risks evolving cryptocurrencies, how they work, and everything the public needs to know about the industry.
ADCA is the Australian Digital Commerce Association promoting, representing and assisting blockchain businesses and organizations participating in digital economy through the blockchain technology.
“The ADCA worked very closely over the last 18 months with the Australian government and regulators, AUSTRAC, to bring clarity and oversight to an industry that needed guidance and formal regulation in order to allow industry players to adhere to standards.”– Loretta Joseph, chair of the Australian Digital Commerce Association (ADCA)
Conclusion: Australia is in this for the technology focused on adopting and adapting. It´s government as well as the people are committed to expanding the tech, with a very successful journey so far.
Australia is serving as an example to other countries.
“Australia, as a mature market with one regulator who is open to innovation and a government with an innovation agenda, can be a clear leader in the responsible adoption of blockchain technology.” — ADCA
(I waited the whole post to say this lol)