Digital currencies get a GST break

(Australian Associated Press)

The federal government will make it easier for digital currencies such as bitcoin to operate in Australia by removing the GST on purchases of them from July 1.

The move announced in Tuesday’s budget will allow digital currencies to be treated just like money for GST purposes.

Consumers who use digital currencies now can effectively bear GST twice: once on the purchase of the digital currency and once again on its use in exchange for other goods and services subject to the GST.

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