Document ID: chunk:federal_register_of_legislation:F2019L00609:body:0:p2
Version: federal_register_of_legislation:F2019L00609
Segment Type: other
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Character Range: 2778–5569

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:

              1. 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

              2. 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.

    digital currency website means a website that provides exchange rates publicly, without providing trading platform/exchange.

    exchange rate means the unit of digital currency in Australian dollars or the unit of digital currency in foreign currency.

    foreign currency means a currency other than Australian currency.

your particular exchange rate is:

         (a)               If the exchange rate is quoted in Australian currency, the rate from a digital currency exchange, or a digital currency website, or the agreed rate, whichever you have chosen.

         (b)               If the exchange rate is only quoted in foreign currency:

Step 1

    Choose an exchange rate with an amount expressed in a foreign currency from a digital currency exchange, or a digital currency website, or the agreed rate.

    Step 2

On the same day, convert the amount expressed in foreign currency (from Step 1) into Australian currency using the formula at paragraph 5 of Goods and Services Tax: Foreign Currency Conversion Determination 2018.

    transaction date means the date you use for digital currency conversion in your accounting system.

    6.                  All other expressions in this Determination have the same meaning as in the GST Act.