Essential tax resources for Aussie crypto users
The early bird gets the worm, and the reduced stress levels come tax time! To help you get ahead of the game for the Australian tax season, we’ve put together a list of some essential resources that’ll get you started. July 1st, come at us!
The ATO is one of the few tax regulatory bodies around the world that has already provided a clear list of guidelines as to how the majority of cryptocurrency transactions are treated from a tax perspective. Here’s a list of every type of transaction currently outlined by the ATO, and what type of tax will apply.
In particular, they cover:
- Exchanging crypto for crypto
- Crypto as an investment
- Staking rewards
- Personal use
- Loss or theft of crypto
- Chain splits
- Crypto and business transactions
- Isolated profit-making business or commercial transactions
- Paying salary and/or wages in crypto
- Receipt of crypto for services provided
For crypto activity that isn’t currently covered in their official guidelines, they provide advice from ATO employees in their Community Knowledge Hub. If the answer to your question isn’t already provided there, you can work with your accountant to reach a decision on how best to treat crypto activity that lies outside the ATO’s current guidelines.
We know how important it is to have a comprehensive understanding of something as complex as crypto tax, so we’ve put together a 2021/2022 Australian Crypto Tax Guide for you! This guide was written with the assistance of Australian tax professionals so that you can have added confidence in the information provided. It covers everything from crypto to crypto swaps, lending and borrowing crypto, NFTs, staking, airdrops, and more.
Read our 2021/2022 Australian Crypto Tax Guide now.
MyTax is the ATO’s online portal for filing individual tax returns. You’ll need to report any crypto activity that has an impact on your income and capital gains amounts if filing via this portal. Both categories (CGT and income) will need to be updated with your relevant crypto values in your annual tax return.
MyTax has a handy tutorial and tutorial video section which outlines how to personalise your tax return step-by-step.
Earlier in 2022, we announced our partnership with H&R Block. H&R Block give their clients the ability to do their taxes either online or in-person, offering guidance and accountancy support throughout the entire process. If flying solo on your crypto tax return isn’t your preferred option, you can work with an accountant at H&R Block to make sure you’re doing everything necessary to stay compliant this tax season.
As you can imagine, keeping records of every single crypto transaction you do, as well as the equivalent value in Australian dollars, can be an overwhelming prospect. That’s why we exist! Our platform is designed to help you at tax time by giving you the ability to import your data from hundreds of exchanges, wallets and chains like CoinSpot, CoinJar, Coinbase, Binance, Swyftx and more. Our algorithm will then auto-categorise the majority of these transactions, providing you with a view of any outstanding instances that need your attention. You will then be able to download a report that outlines your capital gains, losses, income and more. Not only will using our solution save you time (and stress!), it will also ensure you have the most accurate possible crypto tax report come tax time.
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. Cryptotaxcalculator 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.