On September 14, 2017 the Treasurer of the Commonwealth of Australia issued a press release announcing that on that same date the Australian Government introduced legislation to remove the double taxation of digital currency.
According to the Treasured, the Bill will ensure that Australians are no longer charged GST on purchases of digital currency, allowing it to be treated the same way as physical money for Australian GST purposes. In the press release it is further stated that the law change will retrospectively apply from July 1, 2017.
Under current Australian legislation, consumers who use digital currency 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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