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I was reading this thread:
https://community.ato.gov.au/t5/General-tax-questions/Share-Trader-amp-GST/m-p/4301#M3137
I'm wondering do the same rules apply to cryptocurrency trading (basically the identical scenario as the above thread, but with crypto instead of shares)? Do we need to register for GST if we are doing cryptocurrency day trading/speculation and have over $75000 turnover?
I know there's been a few changes to the law in the last year regarding GST treatment of crypto.
I'm interested what the ATO response is but on face value I'm going to say Yes they should even to the extent that crypto is a financial instrument and hence regarded as input taxed so yes reduced credit GST claims should be available for those conducting transactions with bitcoin on a commercial basis