Q&A

Question: Are Bitcoins subject to tax such as GST?

In some circumstances, you may be liable to pay tax on how you use or trade using Bitcoins. There is no official tax guide for Bitcoins, but there are some assumptions that treat Bitcoin as a ‘cash equivalent’, as it operates in a similar way as both are anonymous and don’t leave a paper trail. It would be important to speak with a tax lawyer, Bitcoin specialist or accountant about your Bitcoin tax liabilities and whether GST applies.