The Treasury Laws Amendment (2017 Measures No 6) Bill 2017 passed all stages of Parliament, without amendment on Thur 19.10.2017 and received Royal Assent as Act No. 118 on Monday 30.10.17.
- It amends the GST Act to ensure that supplies of digital currency receive equivalent GST treatment to supplies of money, particularly foreign currency (this was announced in the 2017-18 Federal Budget). Under the changes, supplies and acquisitions of money and digital currency will be disregarded for the purposes of the GST, unless the supply or acquisition is undertaken in exchange for a payment of money or digital currency. Date of effect: These amendments would apply to supplies and payments made on and after 1 July 2017.
- It, also, updates the DGR list to include the the Centre For Entrepreneurial Research and Innovation.
Digital Currency
Supplies and acquisitions of money and digital currency are disregarded for the purposes of the GST, unless the supply or acquisition is undertaken in exchange for a payment of money or digital currency.
Digital currency means fungible digital units of consideration that do not have a value based on the value of any other thing or associated entitlements.
The Commissioner may determine how to work out the value in Australian currency of a taxable supply where consideration was provided in foreign currency or digital currency.
These provisions will commence on 1 July 2017
[APH website: Bills Digest, Bill, Explanatory Memorandum; LTN 200, 19/10/17; LTN 208, 31/10/17; TM Oct 2017]