This week we look at how crypto currencies in Australia have faced with a very severe challenge in the face of our Taxation Office’s interpretation of existing laws in issuing their advisory on how businesses and individuals should approach GST (the Goods and Services Tax). By declaring that crypto currencies are not actually currencies for taxation purposes, but rather members of the asset class, the opportunity for double GST to be paid was created. This even lead to significant business in Australia moving their headquarters off shore. Recently a senate committee came back with a list of recommendations that, if implemented, promise to fix this problem. On the topic of rolling back democracy and the bad guys winning (again), we discuss recent additions to the Defence Trade Control Act and how our masters in Canberra have put yet another burden on the shoulders of education, business, entrepreneurship, and the economy in general by making our defence community the peak regulator of all technologies that, in the fevered imagination of some bureaucrat, could conceivably be used as a weapon by terrorists. I for one have dropped my shares in that rubber band factory quick smart.
Aside from that, we talk about Satoshi’s hoard, Greece, Brave New Coin and finally we dabble ineptly in a bit of string theory.
Your hosts were Warwick Greville and Peter Robertson. This week’s guests were Paul Ayling and Pantelis Roussakis
Our post production engineer was Leo Treasure ably assisted by Warwick Greville.