Federal Register of Legislation - Australian Government

Primary content

Regulations as made
These regulations amend the A New Tax System (Goods and Services Tax) Regulations 1999 and Taxation Administration Regulations 2017 to treat digital currency consistently with money and makes minor technical amendments to the tax law.
Administered by: Treasury
Registered 04 Dec 2017
Tabling HistoryDate
Tabled HR05-Dec-2017
Tabled Senate06-Dec-2017
Date of repeal 06 Dec 2017
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

Commonwealth Coat of Arms of Australia

 

Treasury Laws Amendment (2017 Measures No. 3) Regulations 2017

I, General the Honourable Sir Peter Cosgrove AK MC (Ret’d), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated 30 November 2017

Peter Cosgrove

Governor‑General

By His Excellency’s Command

Scott Morrison

Treasurer

 

  

  


Contents

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

Schedule 1—GST treatment of digital currency                                                                           2

A New Tax System (Goods and Services Tax) Regulations 1999                                                  2

Schedule 2—Miscellaneous amendments                                                                                           3

Part 1—Repeals                                                                                                                                          3

Fringe Benefits Tax (Application to the Commonwealth) Regulations                                      3

Part 2—Other amendments                                                                                                                  4

Taxation Administration Regulations 2017                                                                                     4

 


1  Name

                   This instrument is the Treasury Laws Amendment (2017 Measures No. 3) Regulations 2017.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  Sections 1 to 4 and anything in this instrument not elsewhere covered by this table

The day after this instrument is registered.

5 December 2017

2.  Schedule 1

1 July 2017.

1 July 2017

3.  Schedule 2

The day after this instrument is registered.

5 December 2017

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under the following:

                     (a)  the A New Tax System (Goods and Services Tax) Act 1999;

                     (b)  the Fringe Benefits Tax (Application to the Commonwealth) Act 1986;

                     (c)  the Taxation Administration Act 1953.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1GST treatment of digital currency

  

A New Tax System (Goods and Services Tax) Regulations 1999

1  Subregulation 40‑5.09(3) (table item 9)

Repeal the item, substitute:

9

Australian currency, the currency of a foreign country, digital currency or an agreement to buy or sell any of these 3 things

2  Regulation 40‑5.12 (table item 4)

After “A payment system”, insert “, except to the extent that it is digital currency”.

3  Regulation 40‑5.12 (table item 16)

After “money,”, insert “digital currency,”.

4  Subregulation 70‑5.02(2) (at the end of the cell at table item 21, column headed “Reduced credit acquisition”)

Add:

; or (c) the supply of digital currency, or an agreement to buy or sell digital currency

5  Subregulation 70‑5.02(2) (table item 22)

Repeal the item, substitute:

22

Transaction processing, account maintenance and report generation services provided to:

(a) suppliers of derivatives; or

(b) suppliers of the currency of a foreign country, or an agreement to buy or sell the currency; or

(c) suppliers of digital currency, or an agreement to buy or sell digital currency

6  In the appropriate position in Schedule 15

Insert:

Part 6Amendments made by the Treasury Laws Amendment (2017 Measures No. 3) Regulations 2017

  

108  Operation of Schedule 1

                   The amendments of these Regulations made by Schedule 1 to the Treasury Laws Amendment (2017 Measures No. 3) Regulations 2017 apply in relation to supplies or payments made on or after 1 July 2017.

7  Dictionary (definition of payment system)

After “money”, insert “or digital currency”.

Schedule 2Miscellaneous amendments

Part 1Repeals

Fringe Benefits Tax (Application to the Commonwealth) Regulations

1  The whole of the instrument

Repeal the instrument.

Part 2Other amendments

Taxation Administration Regulations 2017

2  Section 52 (note)

Repeal the note, substitute:

Note:          Section 12‑319A relates to payments made to certain visa holders as employees of Approved Employers under the Seasonal Labour Mobility Program.