Treasury Laws Amendment (2017 Measures No. 6) Act 2017 (118 of 2017)

Schedule 1   GST treatment of digital currency

A New Tax System (Goods and Services Tax) Act 1999

27   Section 195-1


digital currency means digital units of value that:

(a) are designed to be fungible; and

(b) can be provided as *consideration for a supply; and

(c) are generally available to members of the public without any substantial restrictions on their use as consideration; and

(d) are not denominated in any country's currency; and

(e) do not have a value that depends on, or is derived from, the value of anything else; and

(f) do not give an entitlement to receive, or to direct the supply of, a particular thing or things, unless the entitlement is incidental to:

(i) holding the digital units of value; or

(ii) using the digital units of value as consideration;

but does not include:

(g) *money; or

(h) a thing that, if supplied, would be a *financial supply for a reason other than being a supply of one or more digital units of value to which paragraphs (a) to (f) apply.