DefinitionsDefinitions

Definitions

5. The following expressions are defined for the purposes of this determination:

agreed rate means a particular exchange rate agreed to between a supplier and a registered recipient. The agreed rate only applies for supplies made under the agreement and for the period of the agreement. Where the supplier and the recipient are associates the agreed rate must reflect the rate agreed to by parties dealing at arm's length.

conversion day is the date you use to convert digital currency into Australian currency under this determination:

(a) when you account for GST on a basis other than cash your conversion day is the earlier of:

(i) the day on which any of the consideration is received for the supply (the receipt date); or

(ii) the transaction date or the invoice date (whichever you have chosen).

(b) when you account for GST on a cash basis, your conversion day is:

(i) the transaction date; or

(ii) the invoice date; or

(iii) the day on which any of the consideration is received for the supply.

(c) if you are a non-resident that is not a limited registration entity, and you are making inbound intangible consumer supplies, offshore supplies of low value goods, or both, your conversion day is:

(i) a day specified in either paragraphs (a) or (b) of this definition for any types of supplies that you make (including inbound intangible consumer supplies or offshore supplies of low value goods); or

(ii) for all of your inbound intangible consumer supplies, all of your offshore supplies of low value goods, or both:

the final day of the relevant tax period in which GST is payable (in which case, the conversion day for your other types of supplies is the day specified in either paragraphs (a) or (b) of this definition); or
the earlier of the day on which you lodge your activity statement for a tax period or the due date for lodgement of that activity statement (in which case, the conversion day for your other types of supplies is the day specified in either paragraphs (a) or (b) of this definition).

(d) if you are a non-resident that is a limited registration entity, your conversion day for all of your supplies is:

(i) a day specified in either paragraphs (a) or (b) of this definition; or

(ii) the final day of the relevant tax period in which GST is payable on your supplies; or

(iii) the earlier of the day on which you lodge your activity statement for a tax period or the due date for lodgement of that activity statement.

digital currency exchange means an entity that provides trading platform/exchange for sellers and/or buyers of digital currency and provides exchange rates publicly.