Cryptocurrency Q&A
Is Bitcoin subject to GST?
Is Bitcoin subject to GST?
Margherita
Thu Nov 28 2024
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6 answers
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I'm wondering if Bitcoin, this digital currency that's been getting a lot of attention recently, is subject to GST. I'm trying to understand the tax implications of using or investing in Bitcoin.
6 answers
StormGlider
Sat Nov 30 2024
The Australian Taxation Office (ATO) made an important announcement on July 1, 2011.
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SumoPride
Sat Nov 30 2024
According to the ATO, sales and purchases of digital money are not subject to GST.
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amelia_doe_explorer
Sat Nov 30 2024
This means that individuals and businesses do not need to pay GST on the sales of digital money.
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HanjiArtist
Fri Nov 29 2024
Additionally, when using digital money for purchases, GST credits cannot be claimed.
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HanbokGlamourQueen
Fri Nov 29 2024
The same applies to individuals and businesses who buy and sell digital money.
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