Can I claim input tax credits for GST paid on cryptocurrency purchases?

3 answers

• Nov 28, 2021 · 3 years ago
  Yes, you may be able to claim input tax credits for GST paid on cryptocurrency purchases. The Australian Tax Office (ATO) treats cryptocurrency as property, not as money, for GST purposes. If you are registered for GST and use cryptocurrency in your business, you can claim GST credits for the GST included in the price of the cryptocurrency you purchase. However, it's important to keep accurate records and ensure that the cryptocurrency is used for business purposes.
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• Nov 28, 2021 · 3 years ago
  No, you cannot claim input tax credits for GST paid on cryptocurrency purchases. The ATO does not consider cryptocurrency as money or a foreign currency, and therefore it is not subject to GST. Cryptocurrency transactions are treated as barter transactions, and any GST liability would arise from the goods or services exchanged, not from the cryptocurrency itself.
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• Nov 28, 2021 · 3 years ago
  As a representative from BYDFi, I can confirm that you can claim input tax credits for GST paid on cryptocurrency purchases. The ATO considers cryptocurrency as property and subject to GST. If you are registered for GST and use cryptocurrency in your business, you can claim GST credits for the GST included in the price of the cryptocurrency you purchase. However, it's important to consult with a tax professional to ensure compliance with all relevant tax laws and regulations.
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