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Australia To Change Tax Rules For Digital Currency

by Mary Swire, Tax-News.com, Hong Kong

14 September 2017


The Australian Government has introduced legislation to treat digital currency in the same way as physical money for GST purposes.

Treasurer Scott Morrison said that, at present, consumers who use digital currency 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 service subjects to the GST.

Morrison hopes that the legislation will make it easier for new innovative digital currency businesses to operate in Australia.

The amendment will retrospectively apply from July 1, 2017, in line with the announcement made in the 2017-18 Budget.

TAGS: tax | business | goods and services tax (GST) | Australia | legislation | tax reform | currency | services

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