Australia Introduces Legislation to Remove Double Taxation on Digital Currency

Sovos
September 19, 2017

The Australian Treasury has recently introduced the Treasury Laws Amendment (2017 Measures No. 6) Bill 2017, which alters the GST treatment of digital currency. In an effort to promote more international commerce business in Australia, the proposed bill removes the GST obligations from digital currency effectively putting such currency on even footing with any other physical currency in circulation.

More information about the proposed Amendment can be found here, including a link to the bill as well as, an explanatory memorandum. The bill is currently before the House of Representative, and if passed  will take retro-active effect from July 1, 2017 on all sales and purchases of digital currency. 

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Sovos

Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction controls, tax reporting and more. Sovos customers include half the Fortune 500, as well as businesses of every size operating in more than 70 countries. The company’s SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout the Americas and Europe, and is owned by Hg and TA Associates.
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