Tax Stuff takes the stress out of managing your Crypto portfolio from an Australian compliance and taxation standpoint. We are experts in the field of stock and crypto taxation compliance. In Summary, you will see below some key things we will ask of you and things to keep in mind regarding crypto tax best practices in Australia:
Our Central Coast accountants will ask you for records of any costs, such as hardware wallets, monthly fees or mining/staking costs.
We can recommend tools and strategies to make tracking easier, but it is essential to keep records of the buy/sell price for each token.
It is best practice to keep a summary of your holdings as of June 30th each year so you can quickly state your total holdings.
We may need details about the bank accounts that are linked to your wallets for auditing and or paying or receiving any money to the ATO
At Tax Stuff, we help you stay ATO-compliant by ensuring all crypto activity is correctly reported at tax time. Whether you’re trading, selling, gifting, or using crypto for purchases, it may trigger a Capital Gains Tax (CGT) event. We’ll guide you through the process and help you maintain accurate records to avoid costly mistakes.
In Australia, crypto is treated as an asset, and most disposals, like trades, sales, or conversions, can result in CGT. Holding your crypto for over 12 months may qualify you for a 50% CGT discount, while income from staking or airdrops must also be declared. With clear records and expert guidance, staying compliant doesn’t have to be complicated.
Would you like to book an appointment with one of our skilled accountants? Do you have a question, or would you simply like to make an enquiry? Please fill out our contact form, and a member of our friendly team will get back to you within 24 hours.
The ATO uses data matching from banks, financial institutions, and crypto exchanges to track transactions. Failure to report can result in penalties and audits.
Taxable crypto events include selling crypto for AUD, trading one token for another, using crypto to buy goods or services, and gifting crypto. Staking rewards and airdrops are also considered taxable income.
Absolutely. A crypto tax accountant like Tax Stuff can help you track CGT events, lodge your return correctly, and suggest record-keeping tools to stay ATO-compliant and avoid penalties.
Staking rewards and airdrops are considered income and must be included in your tax return as other income.
You can only claim a capital loss when you dispose of the cryptocurrency. Paper losses, where the value decreases but the asset is not sold, cannot be claimed.
Yes, the ATO treats cryptocurrency as a CGT asset. You must report any capital gains or losses from crypto trades, sales, or conversions when you lodge your tax return.
Our expert team is here to provide reliable, tailored solutions that save you time and money.
02 4319 4910
info@taxstuff.com.au
Suite 8/1-5 Baker St, Gosford NSW 2250
Monday - Friday, 9:00 AM - 5:00 PM
