All individuals involved in buying or selling of cryptocurrency are required to keep records in regards to their cryptocurrency transactions.

Accurate Business and Accounting services provides tailored Cryptocurrency Taxation advice to its clients, whether you are an investor or trader anywhere throughout Australia.

ATO has made it clear that “If you have dealt with a foreign exchange or cryptocurrency there may also be taxation consequences for your transactions in the foreign country.”

If you’ve made a profit trading cryptocurrency, you’ll also need to declare it in your annual tax return.

Why ABAS Accountant for Crypto Tax Returns

  • Tax return over the phone/email is also available for all crypto traders and investors. 
  • Extensive knowledge of tax implication on all cryptocurrencies
  • Specialist in tax advice for crypto traders, capital gains, record keeping
  • Friendly and personalised accounting services for individuals and businesses. 
  • Over 15 years of practice and thousands of happy clients

Cryptocurrency Tax Returns in Sydney: Lodge Your Crypto Tax Returns if You Buy and Sale or Invest in Bitcoin, Ethereum, Dogecoin and more.

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 Never assume that ATO does not have the record of transactions made with bitcoin and other cryptocurrencies as the ATO is targeting digital currencies this year and the penalties for non-disclosure are severe.

Please talk to your tax accountant if you are involved in crypto for professional advise on crypto tax in Australia.

Cryptocurrency Tax FAQ

 

Do I need ABN while investing in Cryptocurrency like bitcoin, Ethereum and other crypto?

If cryptos are traded not frequently and held long term then they are treated as investments and are subject to capital gains tax laws. In this case no ABN is required.
If they are traded frequently for short term gains then they are treated as a business in which case ABN number is required.

Do I pay tax on profit from selling bitcoin?

Yes any gain is subject to Tax.

When does capital gains tax apply?

Capital gains tax is applicable when any investment such as rental property, share investments , other long term investments such as bitcoins, crypto are sold for a gain.

What’s is the tax rate for crypto capital gains in Australia

Any capital gains on investments are added to our taxable income and we pay the same rate as we will be paying for that slab of income threshold that we would pay for our PAYG income.

What happens if there is loss on my crypto transaction?

Good news is that we have held the investment for more then 1 year then we get a 40% discount on the gain.
If the sale results in a loss then it is carried forward to later income years and ofsets any future gains.

Is there GST on Bitcoin in Australia?

No

Are there any circumstances where I won’t be taxed?

Only if the investment sells for a loss or if there are carried forward losses from prior years that can offset the current year gain.

Can I invest in bitcoin and other cryptocurrencies via a self-managed super fund (SMSF)?

Yes but advice from a financial planner should be taken to check further regulations on what investments are viable. A tax agent cannot give advice in relation to investment through SMSF. Please take a advice from your financial planner.

Do I have to pay tax on cryptocurrency in Australia?

You can’t avoid tax while trading and investing on cryptocurrency in Australia according to ATO

Read Also:

Why Is It Important To Keep Cryptocurrency Records & Reports For Your Annual Tax Return

ATO Warns: Don’t Hide Your Cryptocurrency Transaction