Australian exchange Coin Loft has received an official ruling exempting it from having to charge Goods and Services Tax (GST) on local bitcoin sales, according to the company.
The exchange claims the private ruling from the Australian Taxation Office (ATO) means that it need not apply the GST to its bitcoin exchange price. As a result, the firm ceased charging the tax on 26th January and says it is the first Australia-based exchange to do so.
The tax must still be charged on the commission component of the order, however, and a Coin Loft blog post also stated that commission fees would increase from 3 to 5% as a result of the process, though the overall price would remain competitive with its GST-charging competitors.
This news story is reprinted from www.coindesk.com
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