Bitcoin Isn’t Money: ATO
“The key elements of the ATO’s preliminary views are that bitcoin is a form of intangible property, is not money or currency, and its supply is not a financial supply for GST purposes. Its use is akin to barter,” the ATO said in its submission.
The decision by the ATO to treat bitcoins as intangible property, making it eligible for GST, has drawn ire from Australia’s nascent bitcoin business ecosystem.
At the first hearing of the inquiry, the cyrpto-currency’s advocates claimed the ATO’s ruling was acting as a brake on bitcoin-related businesses in Australia.