Resources/blog/How to Report Crypto Taxes with ATO myTax 2025

How to Report Crypto Taxes with ATO myTax 2025

Last Updated: 9 hours ago

Key takeaways

  • Crypto is classified and taxed as property by the ATO. Capital gains tax (CGT) applies when you sell crypto for a profit, and income tax applies to crypto earned via rewards like staking.
  • You need to collect all of your crypto transaction data for the financial year and calculate any income earned and your capital gains/losses.
  • You report your crypto activity in your annual tax return using the ATO’s myTax portal (or through a registered tax agent).
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Given the popularity of myTax in Australia as the ATO’s official online platform for tax reporting, it’s important to understand how to report your crypto profits, losses, and income alongside your regular income and capital gains.

To accurately report your crypto transactions on myTax, you will need to calculate and enter both your crypto capital gains and losses, and any crypto income (like staking rewards or airdrops).

Crypto Tax Calculator can help you track your gains and losses, calculate your capital gains, and get ATO-ready reports in minutes.

Get started with a quick overview of how to report your crypto tax in myTax, or keep reading for detailed step-by-step instructions with screenshots from the ATO’s myTax portal.

How to report crypto on your taxes in 9 steps

If you had crypto transactions during the financial year, you’ll need to report any gains, losses, and income to the ATO when lodging your return through myTax. Here’s how:

  1. Download your crypto transaction history from exchanges and wallets

  2. Set up myTax to prepare and personalise your return

  3. Calculate your capital gains and losses

  4. Report your capital gain/loss on myTax

  5. Calculate your income from crypto activities

  6. Report your income from crypto on myTax

  7. Calculate and report any deductions

  8. Report deductions on myTax

  9. Review and submit your tax return

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Save yourself hours of calculations with a Crypto Tax Calculator tax report, designed for myTax

Step 1: Gather your documents and data

Accurate crypto tax reporting in Australia starts with thorough recordkeeping, as required by the ATO. Before lodging your tax return through myTax, you’ll need to collect a full summary of your crypto transactions for the financial year. This includes any:

The easiest way to do this is to use tax software like Crypto Tax Calculator which will automatically analyse your transaction history once you connect your exchange accounts or wallets.

Alternatively, most exchanges will let you download a CSV or excel file with your transaction history and relevant information, which can be used to manually calculate your taxes. If you're unable to get this information from your exchange or wallet, then you may need to keep your own records.

For each crypto transaction, the ATO expects you to have the following information to report it on your taxes:

  • A description of the crypto asset

  • The date you acquired and sold the asset and supporting receipts

  • The value in AUD at the time of the transaction

  • The cost base (including purchase price, transaction fees, and other relevant costs)

  • The resulting capital gain or loss

  • Records of any accounting or legal fees you’ve paid or tax software you’ve used

  • Digital wallet records and keys

You can wait until you're preparing to file your tax return to gather these documents and transaction data. However, keeping records throughout the year will likely be easier (and more accurate) so they're ready to go when tax season rolls around.

Save time and money with Crypto Tax Calculator.

Don’t risk overpaying tax or spending hours figuring out spreadsheets. Crypto Tax Calculator helps simplify your crypto tax reporting by:

  • Automatically calculating the 50% CGT discount for assets held over 12 months

  • Deducting exchange and trading fees from your capital gains

  • Identifying capital losses to reduce your overall tax bill

  • Automatically categorising transactions (e.g. staking, airdrops, swaps) based on ATO guidance

  • Identifying the most tax-efficient inventory method (FIFO, Specific Identification, etc.)

Simplify your taxes and try Crypto Tax Calculator for free.

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Step 2: Set up myTax to prepare and personalise your return

To lodge your tax return with myTax, you’ll need to set it up first. Start by creating a myGov account – or using your existing one – to connect to the ATO. From your linked services you will then select ‘Manage tax returns’ to report your tax. You will then need to calculate and report CGT, income, and deductions. If you’re in the middle of filling out the forms but need more time to calculate, you can save what you’ve done so far and come back to myTax at any point.

Here’s how you can prepare your crypto taxes in myTax:

  1. Sign into your myGov account and make sure you’ve linked your account to the ATO to access myTax. Then select Tax → Lodgements → Income tax

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  1. Click ‘Prepare’ for your 2024-2025 Individual income tax return.

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  1. Make sure your contact and banking details are up-to-date. Then select ‘Personalise return.’

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  1. Fill out the relevant boxes for your regular income. Note: some of the boxes may already be selected, if the ATO has received information from your employer, bank, crypto exchange, or another organisation. Most of your pre-fill tax information will be available by late July.

Step 3: Calculate your capital gains and losses

Whenever you dispose of crypto at a profit or loss, a capital gains event is triggered. To figure out how much tax you might owe, you need to calculate your capital gains and losses for each transaction. You’ll need to:

  1. Identify each individual capital gains tax (CGT) event. If you’ve conducted hundreds, or thousands of transactions, a crypto tax calculator like Crypto Tax Calculator can help you automatically identify your overall capital gains and losses.

What’s the difference between Capital Gains Tax (CGT) and Income Tax events?

CGT events occur when you dispose of crypto (e.g. selling, swapping or buying), whereas income tax events happen when you earn crypto (e.g. gambling, staking, or airdrops).

  1. Figure out the cost base of your crypto. Your cost base is what you paid for the crypto in AUD, plus any additional fees such as gas, transfer, or brokerage fees.

Figuring out the cost base can be more complicated when you have multiple transactions of the same token at different times and prices. When this happens, the order in which you calculate disposals can impact your tax owed. The two common methods for determining order are:

  • FIFO (First In, First Out): You sell your earliest purchase first

  • LIFO (Last In, First Out): You sell your most recent purchase first

If you owned your assets for over a year, you may be eligible for a 50% CGT discount.

The accounting method you choose can impact both the cost base and if you qualify for the 50% CGT discount – since it only applies to assets held for more than a year. Since FIFO takes into account your earliest purchases first, it could increase the chance of you receiving the 50% CGT discounts if you’ve held those assets long term.

Still confused? Crypto Tax Calculator can automatically figure out your cost basis for you based on ATO rules. You can also choose the accounting method that works best for your situation.

If you have a lot of transactions or get stuck figuring out your cost base, Crypto Tax Calculator can help automate the tricky calculations to make this process a lot easier.

Using Crypto Tax Calculator?

To calculate your crypto tax using Crypto Tax Calculator, start by going to the Accounts tab to connect your exchange accounts and wallets. If you need help, check out our step-by-step guide or open the chat icon to have a team member guide you through the process.

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Use Crypto Tax Calculator to calculate your capital gains, income and deductions and get a report in minutes – ready for myTax

Step 4: Report your capital gain/loss on myTax

After calculating your gains or losses, you need to report them on your tax return. To report your capital gains and losses on myTax, go to ‘Personalise return’.

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You will need to add in your crypto capital gains. Refer to your Crypto Tax Calculator Capital Gains Report. If you have capital gains or losses from crypto activity, select ‘Capital gains or losses that are not from a managed fund distribution’.

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Using Crypto Tax Calculator?

You can find your capital gains and losses in Crypto Tax Calculator when you click on the ‘Reports’ tab. Here you will find your net capital gains, including long term capital gains, short term capital gains, and losses.

Step 5: Calculate your income from crypto activities

Not all crypto activity counts as a capital gain. Certain crypto activities are considered income, and you’ll need to report it on your tax return. For example, if you’ve earned crypto through mining, staking, rewards, or airdrops, the ATO treats this as ordinary income, similar to wages.
To figure out your income, you’ll have to keep track of the fair market value in Australian dollars at the time each income event occurred. This value also becomes your cost base if you get rid of the assets down the road, so you could also pay CGT if you sell for a profit.

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Using Crypto Tax Calculator?

You can find your income from crypto activities in Crypto Tax Calculator when you click on the ‘Reports’ tab. Here you will find any net income you may have, including ordinary income and derivative income.

Step 6: Report your income from crypto on myTax

To report your crypto income on myTax, go to ‘Personalise return’.

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Next, check your Crypto Tax Calculator Income Report. If you received income from airdrops, interest, staking rewards, or royalty, select ‘You had other income not listed above (including employee share schemes)’. Staking rewards are considered to be income by the ATO.

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Step 7: Calculate any deductions

As a crypto investor, you may be able to deduct expenses related to your investment activity – such as your Crypto Tax Calculator subscription. The ATO groups these expenses under interest, dividend, and other investment income deductions. You don’t have to be running a business to claim these deductions, as long as they have a clear connection to income-producing activities.

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Note: Keep in mind that brokerage, gas, and transfer fees are not deductible as income expenses. These are added to the cost base for CGT purposes.

Using Crypto Tax Calculator?

According to the ATO, you may claim a deduction for buying software – such as your Crypto Tax Calculator subscription – that allows you to prepare and lodge your tax return. However, keep in mind that you should consult with your accountant if you have any questions filling out the form.

Step 8: Report deductions on myTax

Where you report deductions on myTax depends on the type of deduction. First click ‘Personalise return’.

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If you want to claim the subscription cost of Crypto Tax Calculator, select ‘Gifts, donations, interest, dividends, and the cost of managing your tax affairs’. Alternatively, the subscription cost could be added to ‘Other deductions’.

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Step 9: Review and submit your tax return

Once you’ve added in your capital gains and losses, and deductions, make sure you add in all your other tax data (if it hasn’t already been prefilled for you). This includes regular income, any other investments you might have, and other deductions.

After you’ve completed all the relevant sections, click ‘Next’ at the bottom of the screen and then head to the ‘4 – Prepare return’ page.

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On the ‘Prepare return’ page you can review and edit any information. Make sure you review all your information and tax data to make sure it’s accurate. Once you are happy with everything click ‘Lodge’.

The easiest way to report your tax to the ATO using MyTax

Reporting your crypto taxes is much more simple and time-efficient with Crypto Tax Calculator. Follow these steps to save time and easily generate detailed tax reports which meet ATO reporting standards.

  1. Add Integrations and Import TransactionsConnect your exchanges, wallets, and platforms to automatically import your transaction history.

  2. Review for Accurate ResultsCheck your data for errors or missing details to ensure accuracy.

  3. Get Your ATO-Compliant Tax ReportsGenerate detailed tax reports tailored to ATO rules, ready for you to enter into myTax or send to your accountant.

If you're new to Crypto Tax Calculator, start with our Getting Started Guide for an overview of how the platform works.

Need more help? Visit our Australia Report Guides or explore the Help Center for step-by-step instructions.

How do I report my crypto losses on MyTax?

If you’ve made a capital gain from trading crypto during the financial year, you’ll have to report it on your tax return through myTax or your accountant. The good news is that if you’ve made a loss on crypto, this can also help reduce the amount of taxes you owe.

Your crypto losses can be used to offset any capital gains you’ve made during the financial year, including investments such as crypto, property, and shares. For example, if you made $1,000 in capital gains from crypto and $250 in capital losses, you’d subtract the losses from the gains. As a result, you would only have to pay taxes on the $750 gain.

When your losses exceed your gains, you can’t claim a deduction for the difference. However, you can carry forward unused losses to help reduce capital gains down the line.

To report crypto losses on myTax:

  1. Navigate to the ‘Capital gains or losses that are not from a managed fund’ section under ‘Personalise return’.

  2. Add each crypto disposal event, such as selling, swapping, or spending crypto – and include details like acquisition date, disposal date, cost base, proceeds, and loss.

  3. Crypto Tax Calculator can simplify this process by importing your crypto transaction data from all your wallets, providing you with the overall capital gain or loss to enter into myTax.

How do I report my staking rewards on MyTax?

In Australia, crypto staking rewards are treated differently to crypto sales for tax purposes.

While crypto sales result in capital gains, staking rewards are treated as a form of income.

For example, let's say you can earn 20% with crypto staking. You stake 1,000 coins and, in return, earn an additional 200. The Fair Market Value of the 200 coins at the time you receive dominion and control over them is considered income, and you'll have to report it on your tax return for the financial year.

Staking rewards and other forms of crypto income – including earnings from airdrops or yield farming – are reported in the ‘Other Income’ section of your myTax return.

Note: You'll also be subject to capital gains taxes if and when you eventually sell, trade, or spend your crypto staking rewards, just as you do with other crypto you hold.

How to report my crypto airdrops on MyTax?

In Australia, the tax treatment of crypto airdrops is the same as that of staking rewards. They are considered taxable income, even if you didn’t do anything to actively receive an airdrop.

You'll pay income taxes on the value of the crypto you receive at the time you receive it. And if you eventually sell those coins, you'll also pay capital gains taxes on the difference between your cost base (meaning their value when you received them) and the amount you sell them for.

Just like staking rewards, earnings from airdrops and other forms of crypto income – including yield farming – are reported in the ‘Other Income’ section of your myTax return.

Sources

AU Tax Guide

AU Tax Guide

Unsure about your crypto tax obligations? This comprehensive guide helps you understand and file your crypto taxes in Australia.

Learn about AU crypto taxes
DeFi Tax Guide

DeFi Tax Guide

Have you been dabbling with DeFi? This in-depth guide breaks down the details of DeFi taxes in Australia so you can file with confidence.

Learn about DeFi taxes
NFT Tax Guide

NFT Tax Guide

Tried your hand at NFT trading? This complete guide that breaks down the details of NFT taxes in Australia so you can file with confidence.

Learn about NFT taxes

The information provided on this website is general in nature and is not tax, accounting or legal advice. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider the appropriateness of the information having regard to your own objectives, financial situation and needs and seek professional advice. Crypto Tax Calculator disclaims all and any guarantees, undertakings and warranties, expressed or implied, and is not liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or incidental or Consequential Loss or damage) arising out of, or in connection with, any use or reliance on the information or advice in this website. The user must accept sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information in this website is no substitute for specialist advice.

Frequently Asked Questions about crypto and myTax

01.Do I need to report crypto if I didn't sell?

It depends on how you acquired the crypto and the activities you have engaged in. Once you dispose of your crypto and experience a CGT event, you will need to report it to the ATO. In addition to selling, a CGT event also occurs when you dispose of crypto when you buy goods or services, conduct crypto trades, or give it away to someone.

In addition, if you received crypto as a payment, through staking, mining or airdrops, then this is considered income that will need to be reported to the ATO on your tax return.

02.How does the ATO view cryptocurrencies?

The ATO views cryptocurrencies as property, not as a form of money. As a result, it falls under capital gains tax rules. The ATO has stated that there are no special tax rules that exist for crypto – in fact, the way in which you use or interact with crypto will impact how your crypto transactions are taxed.

03.Do crypto exchanges like Coinbase report to the ATO?

Yes. As Coinbase is registered as a legal entity in Australia with AUSTRAC (the Australian Transaction Reports and Analysis Centre), it may share certain user information with the ATO.

Since 2019, the ATO has engaged in data-sharing with crypto exchanges in Australia to help crack down on crypto fraud, which involves exchanges submitting user data. So, in case you didn’t know – the ATO is watching.

04.Do I need to report crypto if I only made a loss?

Yes. Even when you’ve experienced a capital loss, you need to report it on your tax return. The good news is that this loss can be used to offset any future capital gains you may have.

05.Do I need to report DeFi on my tax return?

Yes. The ATO has stated that your DeFi transactions will either be seen as CGT events or income. Typically if you’re earning from DeFi, this falls into income, whereas selling or swapping a token on a DeFi platform is seen as a disposal subject to CGT.

Navigating which category your DeFi transactions fall into can be complex, but Crypto Tax Calculator was built to handle complex DeFi transactions automatically. This means you don't need to spend hours trolling block explorers and battling with hundreds of manual spreadsheets alone.

06.Where do I put Bitcoin on MyTax?

Where you report your Bitcoin on myTax depends on whether it falls under a CGT event or income. If you’ve sold, traded, spent, or given away Bitcoin, this is considered a disposal that is subject to capital gains tax. You will need to report this on myTax under ‘Personalise return’ and then select ‘Capital gains or losses that are not from a managed fund distribution’.

However, if you earn Bitcoin through airdrops, staking, or mining, this is considered income. You will need to report this income on myTax under ‘Personalise return’ and then select ‘You had other income not listed above (including employee share schemes)’.

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