Bitcoin ‘neither money nor foreign currency’ takes GST hit
Australian businesses that trade bitcoins and other cryptocurrencies will be slapped with goods and services taxes from fiscal 2015 in a final ruling by the Australian Taxation Office.
Australian businesses that trade bitcoins and other cryptocurrencies will be slapped with goods and services taxes from fiscal 2015 in a final ruling by the Australian Taxation Office.
The ATO confirmed its draft advice released in August that selling and buying bitcoins would be treated like barter transactions and incur GST costs.
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Ruth Liew writes on business specialising in Insurance, wealth management and financial services. Ruth is based in our Sydney newsroom. Connect with Ruth on Twitter.
