logo
spacer
spacer

 eWombat Search 
>
spacer spacer spacer
Latest Accounting News
Hot Issues
Fringe Benefits Tax (FBT): employees’ private use of vehicles
ATO to contact clients over bank details
ATO claws back $850m in unpaid SG in FY 17-18
Appetite for property in SMSFs shows signs of life despite tough market
Superannuation gender gap narrowing, research shows
Identification numbers for directors
How financial advice helps create wealth.
Australia's vital statistics
Unlocking equity crowdfunding in Australia
$20m boost for SME clients looking to exporting
Work-Related Expenses
ATO updates crypto guidance
ATO zones in on hundreds of newly created reserves
Senate passes $20,000 instant asset write-off extension
Victorian Vacant Property Tax
Director Penalty Notices
ATO set to pounce on undisclosed income streams
In case you missed it – The company tax Bill that did pass Parliament.
GST spotlight headed to smaller end of town
Superannuation Amnesty – Maybe! Maybe Not!
ATO drills in car-sharing focus this tax time
What is Bankruptcy?
Update of Australia's vital statistics
ATO speaks on risk factors, surveillance triggers for FY19
ATO’s corporate residency guidance cops backlash
ATO dispels top tax time myths to clients as clampdown rolls out
Tools for budgeting, cash flow, Super and more ….
Articles archive
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
No GST on digital currency

The GST Act is being amended to ensure that digital currency, such as Bitcoin, is disregarded for GST purposes unless the supply is made in exchange for a payment of money or digital currency.



       


 


To achieve this, a definition of “digital currency” will be inserted into the GST Act. Under the new definition, a digital currency has broadly the same features as legal tender. In particular, the value of a digital currency must derive from the market’s assessment of its value. A digital currency’s value cannot be based on the value of anything else, so it must not have, for example, a value pegged to Australian or United States dollars.


The currency units must be useable as consideration for any type of supply, and must be generally available to the public.


Units will not be considered digital currency if they give the holder benefits (such as memberships or vouchers), other than entitlements incidental to holding the unit or using it as consideration.


When the new definition passes into law, no GST will apply for supplies of digital currency made on or after 1 July 2017.


Until now, GST could be imposed several times on a digital currency.


 


 


AcctWeb


 




1st-June-2018