Crypto tax in AustraliaWe have partnered with KPMG to make tax time a breeze with the crypto tax estimator.
How to calculate your tax obligations on crypto
If you trade on other exchanges, you can import your trades into the Crypto Tax Estimator.
In addition to the KPMG Tax Estimator, if you run an SMSF you can export reports that integrate directly with BGL. Alternatively, you can download a CSV or PDF of all of your transactions.
How Bitcoin and crypto is taxed in Australia
Most of the time (for ordinary investors) the ATO treats buying and selling cryptocurrency in the same way it treats buying and selling of shares. That means a CGT event occurs every time you dispose of your cryptocurrency. Which includes trading it for another cryptocurrency. If you make a profit on the sale or trade of a cryptocurrency, 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 money 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 seek professional assistance.
How to access your KPMG tax report
End of Financial Year Cryptocurrency Prices
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Prices are the last trade of the financial year. Can be used for tax
calculation of the value of your crypto
holding for the purposes of reporting to the ATO (Australian Taxation Office).
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