Are Bitcoins subject to tax such as GST?

Question: Are Bitcoins subject to tax such as GST?

Answer:

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.

Answered by Lisa Lee

Lisa practises in the areas of business and commercial law, intellectual property and contract law. Having previously worked in research and development, Lisa has a strong understanding on issues surrounding protection and commercialisation of intellectual property. She is passionate about arts and technology, and is attuned to issues surrounding e-commerce and online services.

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