GST on cryptocurrency

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 · Accepted Answer

BlakeATO · Answer

[updated by moderator to reflect accurate information 21/11/2022] The sale of your cryptocurrency is GST-free (https://www.ato.gov.au/business/gst/in-detail/your-industry/financial-services-and-insurance/gst-and-digital-currency/?page=1#GST_free_sales_of_digital_currency), when sold to a non-resident. In the case of an exchange where the headquarters are overseas, but they run a business in Australia (such as the case with Binance), it is not a non-resident. Looking on the ABN lookup (https://abr.business.gov.au/ABN/View?abn=20634729285), Binance is a registered Australian private company, which makes it a resident for tax purposes. Sales to residents are input taxed financial supplies and therefore, not subject to GST.

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