News
Changes made to the GST treatment of digital currency
Small businesses are being reminded that if they are using digital currencies such as Bitcoin, they were required to pay GST twice: once on the purchase of the digital currency and once again when using the digital currency to make purchase already subject to GST.
Small businesses are being reminded that if they are using digital currencies such as Bitcoin, they were required to pay GST twice. Firstly, on the purchase of the digital currency and secondly, when using the digital currency to make purchases on items already subject to GST.
The ATO has highlighted that recent law changes, as of 1 July this year, purchases of digital currency are no longer subject to GST.
Therefore, sales and purchases of digital currency have no GST implications.
Using digital currency to pay for purchases of goods and services is now the same as using money.
To find out more about GST and removing the double taxation of digital currency, please visit the ATO website here.
Date published 16 Dec 2017 | Last updated 20 Dec 2017
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