Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Scott Morrison MP)Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
GST treatment of digital currency
1.56 This Schedule is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview
1.57 This Schedule amends the GST Act to ensure that supplies of digital currency receive equivalent GST treatment to supplies of money.
Human rights implications
1.58 This Schedule does not engage any of the applicable rights or freedoms. Its effect is only to remove potential tax disincentives to the use of certain digital assets as a medium of exchange.
Conclusion
1.59 This Schedule is compatible with human rights as it does not raise any human rights issues.