If you use digital currencies (e.g. Bitcoin) in your business, then you would have had to pay GST twice:
- Once on the purchase of the digital currency; and
- Again when using the digital currency to purchase any items already subject to GST.
From 1 July 2017 onwards changes to the law resulted in the purchase of digital currency no longer being subject to GST.
These changes mean that the sale or purchase of digital currency no longer attracts GST. However, GST still applies when using digital currency to pay for the purchase of goods and services just the same as if you were using money.
For further information contact our office or refer to ATO Website
