6 June 2016
The ABA lodged a submission with Treasury on the GST treatment of digital currency.
The submission addresses three key aspects of the discussion paper: 1) The desired policy outcome, 2) Identifying and characterising digital currencies, and 3) The alternative approaches to the GST treatment of digital currencies.
The ABA’s has specific comments on the following chapters: Third parties and related parties Implementation of controls Internal audit Attachment B: Training and awareness Attachment C: Identity and access
Recommendation 1.15 should be implemented in a manner consistent with Commissioner Hayne’s clear intention to preserve the benefits and fundamental self-regulatory characteristics of financial sector codes.