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_rubixcube(Newbie)Newbie
6 Mar 2021

Hi,

I am a registered business. I don't invest or trade crypto. Can I use cryptocurrency to buy goods and services for my business operations? How would GST apply for the seller in this situation? And myself as the buyer, will it be counted as a normal expense and be tax deductible? If yes, how much in Australian dollars would the expense be? Would it be using the current price of the cryptocurrency or the price I purchased the cryptocurrency at?

1,063 views
3 replies
1,063 views
3 replies

Most helpful response

Most helpful reply

macfanboy(Taxicorn)Taxicorn
7 Mar 2021

@rubixcube

The normal Trading Stock rules would apply not CGT.

Your expense was 45K

You purchased something using that 45k. (expense to be deducted)

You were left with 2k of crypto, that's an increase in your trading stock's value over the year is assessable income.

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Can I use cryptocurrency to buy goods and services? | ATO Community