Optimise your crypto tax
We have partnered with Summ (previously Crypto Tax Calculator) to simplify tax time
Independent Reserve customers receive a 30% discount off all additional plans.
Calculate your crypto tax obligations
Summ is available to Independent Reserve customers to help optimise your tax obligations with ATO-compliant crypto accounting methods.
Tax minimisation
ATO-compliant
Cross-platform support
How are Bitcoin and crypto taxed in Australia?
According to the Australian Taxation Office (ATO), cryptocurrency is considered an asset for capital gains tax (CGT) purposes.
Most of the time, the ATO treats buying and selling cryptocurrency the same as buying and selling shares. This means a CGT event occurs each time you dispose (sell or trade) your cryptocurrency. If you make a profit on your crypto trades then some, or all, of the gain may be taxed.
The rules are different depending on whether you bought the cryptocurrency as an investment, or if you acquired it to use in the same way as fiat to pay for goods and services. If you’re carrying on a business in cryptocurrency, or you’re a professional trader, there are different rules again, and we suggest you speak to a qualified accountant.
Access your Summ report today
- Log in to your Independent Reserve account.
- Navigate to Transactions and select Tax.
- Click “Get started with Summ”. Your Summ account will be automatically generated.
Now all your transactions will be synchronised with your Summ account.
