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Essential tax resources for Aussie crypto users

Laatst bijgewerkt: 8 months ago
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!

ATO Cryptocurrency Guidelines

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:

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.

Australian Crypto Tax Guide

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 tutorial

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.

Working with H&R Block

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.

Crypto Tax Calculator for record-keeping

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.

De informatie op deze website is van algemene aard en houdt geen fiscaal, boekhoudkundig of juridisch advies in. Het is opgesteld zonder rekening te houden met uw doelstellingen, financiële situatie of behoeften. Voordat u op basis van deze informatie handelt, dient u de geschiktheid van de informatie te overwegen, rekening houdend met uw eigen doelstellingen, financiële situatie en behoeften, en professioneel advies in te winnen. Cryptotaxcalculator wijst alle garanties, toezeggingen en garanties af, expliciet of impliciet, en is niet aansprakelijk voor welk verlies of welke schade dan ook (inclusief menselijke of computerfouten, nalatigheid of anderszins, of incidentele of gevolgschade) voortvloeiend uit of in verband met, enig gebruik van of vertrouwen op de informatie of adviezen op deze website. De gebruiker moet als enige de verantwoordelijkheid aanvaarden die verband houdt met het gebruik van het materiaal op deze site, ongeacht het doel waarvoor dergelijk gebruik of dergelijke resultaten worden toegepast. De informatie op deze website is geen vervanging voor gespecialiseerd advies.

Shane Brunette

CEO

Shane Brunette founded CTC back in 2018 after dealing with his own crypto tax nightmare. He has worked closely with accountants and tax lawyers to make it easy for fellow cryptocurrency users to be tax compliant.

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