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Australia Passes Bill to Address Double Taxation of Digital Currency — Orbitax Tax News & Alerts

On 19 October 2017, the Treasury Laws Amendment (2017 Measures No. 6) Bill 2017 was passed by both houses of the Australian Parliament and is currently awaiting Royal Assent to be enacted. The Bill amends the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) to ensure that supplies of digital currency receive equivalent GST treatment as supplies of money ({News-2017-09-18/P/2-previous coverage}). The amendments apply in relation to supplies or payments made on or after 1 July 2017.