Budget 2017: Government to remove GST on digital currencies

immigration policy

Parliament House in Canberra.


The federal government has revealed plans to change the way digital currencies are treated under the goods and services tax arrangements, in a move the federal government says will “remove an obstacle” to the growth of Australia’s financial technology sector.

From July 1, 2017, the government will seek to exempt purchases of digital currencies like Bitcoin from the GST.

Under current arrangements, digital currencies are considered to be intangible property for the purposes of the GST, which can mean that people who use digital currencies to make purchases effectively pay the tax twice.

“Removing double taxation on digital currencies will remove an obstacle for the financial technology (fintech) sector to grow in Australia,” the government said in the 2017-18 budget papers.

Follow StartupSmart on Facebook, TwitterLinkedIn and iTunes.

You can help us (and help yourself)

Small and medium businesses and startups have never needed credible, independent journalism and information more than now.

That’s our job at SmartCompany: to keep you informed with the news, interviews and analysis you need to manage your way through this unprecedented crisis.

Now, there’s a way you can help us keep doing this: by becoming a SmartCompany supporter.

Even a small contribution will help us to keep doing the journalism that keeps Australia’s entrepreneurs informed.



Notify of
Inline Feedbacks
View all comments