The Double Taxation that is being used on the digital currencies will be taken down by the Australian Government after July 1, 2017. On the publishing it is said that even a number of other standard policies will be changed which will lead for that certain Continent to become a Global leader in Financial services. As by the report titled: “Backing innovation and Fintech” :
“The Government will make it easier for new innovative digital currency businesses to operate in Australia. From 1 July 2017, purchases of digital currency will no longer be subject to the GST [Goods and Services Tax], allowing digital currencies to be treated just like money for GST purposes. Currently, consumers who use digital currencies can effectively bear GST twice: once on the purchase of the digital currency and once again on its use in exchange for other goods and services subject to the GST.”
One of the going-to-be changed policies is the relaxation of the 15 percent ownership cap for new entrants to the Australian banking sector, which would allow smaller authorized deposit-taking institutions to utilize the term “bank,” as well as easing the oppressive bank licensing process.
As a result of the changes the Government made it even easier for Start-ups and small businesses to raise their capital. With these developments, companies and businesses will be allowed to have an infinite number of shareholders which are protected as long as they meet the following prerequisites:
“A minimum of two directors; financial reporting in accordance with accounting standards; audit requirements; restrictions on related party transactions; and minimum shareholder rights to participate in exit events.”
Furthermore, the Australian government plans to facilitate innovation within the financial service industry by introducing a 24-month regulatory sandbox that would allow businesses to test their new financial products and services without the need for licenses and other regulatory obstacles.