GST on Crypto Mining Earnings

Question

BlakeATO · Accepted Answer

[Updated by moderator 21/11/2022 to reflect accurate advice] Although the sale of digital currency will generally be an input-taxed financial supply (unless the sale is made on a digital exchange located outside of Australia), the supply of crypto mining services is not an input taxed financial supply. Whether the supply of crypto mining is taxable or GST-free will depend on who the supply is made to (e.g., miner providing crypto mining services to a mining pool operator located in or outside of Australia). As such, you can claim GST credits for purchases related to making a taxable or GST-free supply of crypto mining services, such as the graphic cards or other computer equipment. You can read more about GST and crypto mining on our website.

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