Digital currencies get a GST break

Disclosure Statement: Durand Financial Services Pty Ltd and its advisers are authorised representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. General Advice Warning: The information contained within this website does not consider your personal circumstances and is of a general nature only. You should not act on it without first obtaining professional financial advice specific to your circumstances.

(Australian Associated Press)

The federal government will make it easier for digital currencies such as bitcoin to operate in Australia by removing the GST on purchases of them from July 1.

The move announced in Tuesday’s budget will allow digital currencies to be treated just like money for GST purposes.

Consumers who use digital currencies now 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.

0

Like This