Personal Use Asset
Purchasing goods and services for own personal consumption
Generally, provided your intention in purchasing Bitcoin is to use it to buy goods or services for personal consumption, and:
- You use those Bitcoins over the internet to acquire those goods or services, AND
- The original purchase cost of the Bitcoin was under $10,000 AND
- Over time, that same tranche of bitcoin has increased in value prior to buying those goods or services.
any gain made on the value of the Bitcoin from the date of acquisition until the date of acquiring the goods or services would not be subject to income tax or GST if you are not in business of carrying on an enterprise.