End of double GST on Digital Currency transactions
10 May 2017 10:23
It’s official. Scott Morrison has announced the removal of double GST on Digital Currency transactions in the 2017 budget.
From July 1 , 2017, digital currencies will be treated the same way as physical money for GST purposes. That means the current situation, where someone pays GST twice – first on the purchase of the cryptocurrency, then a second time when spending it on goods and services – would no longer apply.
This is great news for the Fintech sector in Australia and puts the country onto a strong footing for future growth and development.
Full details in Business Insider.