Cusp Astrology is to sell its Astrology Trading Service after failing to secure the necessary permits to do so, the company said in a statement.
“We’re disappointed that the regulatory process has taken longer than we expected,” the company’s chairman and chief executive, David McRaney, said in the statement.
The move came as the Australian government announced that it would seek to ban astrology from being offered on the public transport system after a public outcry over its practice of selling books and services that claimed to show astrological signs.
The Australian Taxation Office (ATO) on Wednesday ruled that Astrology Market Trading was not eligible to sell books and related services because it did not comply with the Astrology Act.
An Astrology Vendor must hold a valid licence from the Australian Tax Office (Tax Office) for a trade or service that relates to astrology and is designed for use in a taxation jurisdiction and that is not exempt from taxation under the Taxation Administration Act 2010 (TA 2010) or another Act.
This includes books, calendars, calendars of other types and books and other related products for sale, provided they are not subject to a special tax exemption.
AstraZeneca and other pharmaceutical companies have also been targeted in a public backlash over Astrology Sales in Australia.
In August, Astrological Services Australia (ASA) was fined $6.5 million by the Tax Office after it was revealed that it was using astrolurgical software to identify medical conditions and predict patient outcomes.
According to the Australian Competition and Consumer Commission (ACCC), Astrology Markets is a multi-billion-dollar business that offers “discoveries and information” about health, wellness, and fitness, including “magical” health signs and treatments.
Cusp Astrologers said it was in talks with the Australian tax office about licensing a similar trading service, which could be a significant investment.
“We look forward to continuing our partnership with the government and looking forward to the day when Astrology Traders is licensed and available for public use,” McRane said.
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