Source: 9news.com.au

Australians won"t have to pay GST when they buy digital currencies such as Bitcoin under proposed new laws.

Treasurer Scott Morrison, in introducing legislation to parliament on Thursday, said consumers right now can effectively be taxed twice - first when they buy the electronic money, and again if they use it on items subject to the GST.

"The current GST treatment of digital currency is an obstacle to the growth of the financial technology industry in Australia," he told MPs.


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