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Did you know almost every instance of buying, selling or exchanging cryptocurrency qualifies as a taxable event? Cashing your crypto out for cash may be a given, but even exchanging one type of crypto for another will be treated as a capital gain, and now that the ATO is ramping up their data matching, chances are, they probably know about a crypto gain before you do!
Sometimes even the most savvy of investors can be left scratching their heads when it comes to the tax side of their crypto and as most of us aren’t chartered accountants why don’t you take the headache out of your crypto trading and check out these top crypto tax software options. It will give you more time to focus on your trading and not waste hours miscalculating your crypto taxes.
Proudly Australian made and owned, they promise to solve crypto tax for Aussies. It’s specifically made to be compliant with all ATO TaxGuidelines. CryptoTaxCalculator supports the unique ATO reporting requirements, including Australian specific rules around personal-use, mining, staking, and airdrops, and they also support the trading stock rules that apply to traders.
It syncs with over 500 wallets and exchanges and supports all major Australian and international platforms such as Binance and Coinspot.
Annual subscriptions vary between $49 (supporting up to 100transactions) to $399 (supporting up to 100,000 transactions) billed yearly. It comes with a free 30-day trial and during this trial you can import data, calculate taxes and review transactions.
Check it out here: https://cryptotaxcalculator.io/au/
CoinLedger started exclusively for the United States but now has added support for Australian users. It has a clean user interface and they support all of the major platforms. Some have an auto-import functionality forgetting your data in there, and if not there are detailed guides for importing your transactions.
You can also invite your income tax professional to review the report and download it from the dashboard.
Annual subscriptions vary between $49 (supporting up to 100transactions) to $299 (supporting unlimited transactions) billed yearly.
Check it out here: https://coinledger.io/au?gclid=CjwKCAjw6raYBhB7EiwABge5KlzwLZus1rTIepX_pwn-LbVvDtYRhAKJQlSKoKUx6SxbLfaFe1dc2BoC6cQQAvD_BwE
Koinly has a very generous free subscription that allows up to 10,000 transactions with lots of additional features. It supports data import (both API and CSV) from 350+ exchanges, 50+ wallets and 15 blockchains.
It is built to comply with Australian tax standards, and with catering to over 17,000 crypto coins, Koinly lets you track all crypto holdings in a single place.
Check it out here: https://koinly.io/au/
And of course, if you’re in the midst of wondering where to start or indeed where to go next, the Attune team are here to help with strategic advice that will set your Crypto-tax processes in place. Give the team a call to discuss where you’re at and where you’re headed on 1300 866 113or send us an email to start the conversation.
