Treat Bitcoin like currency for tax purposes.
This petition had 459 supporters
The Australian Tax Office and Treasury are taxing Bitcoin out of existence for all Australians.
Goods & Services Tax on Bitcoin sales means that Australians pay 10% tax on the price of Bitcoin and then lose another 10% when they spend bitcoins on a good or service at an Australian Bitcoin accepting business.
Quite simply GST puts the entire Australian Bitcoin industry at a big disadvantage to the Australian financial system. It destroys the benefits Bitcoin can bring to money remittance, online payments and generally reducing the cost of doing business for brick and mortar retailers and consumers.
The GST is making Bitcoin uneconomical and practically useless in Australia as a currency. The tax is slowing adoption of digital currency in Australia and protecting big banks, Visa and Mastercard, and companies like Western Union and Moneygram from much needed competition.
Please tell people about Bitcoin and this petition. Call your local MP now and make Australia a place for a fair go!
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