How to keep a good record of the cyrptocurrency buys, sell, etc for the tax purpose
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Make sure you use a platform that has good transaction reporting. All the major Aussie platforms do a decent job of transaction reporting now.
Typically, you should be able to download:
Transaction export: which is a CSV file of all your trades, deposits, withdrawals etc.
Account statement: which is a PDF of your balances and summary on 30 June.
It's important that the transaction export contains a record of every change in balance on your account, otherwise you won't be able to calculate the tax outcomes correctly.
As a taxpayer, it's your responsibility to keep accurate records, so you should log in regularly to export your transaction history (at least once a year when the financial year ends). Then just keep a copy of the above files.
You can also look at using one of the tax software like Syla or one of the other Australian providers. These software are typically free to sign up and use for keeping transaction records. It will also do the tax calculations for you and generate a report for you or your accountant to use for your tax return.
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This should be something your wallet/trading platform offers i.e Binance offers a way to generate a tax report via Binance Tax.
Maybe inquire with your trader platform.
Make sure you use a platform that has good transaction reporting. All the major Aussie platforms do a decent job of transaction reporting now.
Typically, you should be able to download:
Transaction export: which is a CSV file of all your trades, deposits, withdrawals etc.
Account statement: which is a PDF of your balances and summary on 30 June.
It's important that the transaction export contains a record of every change in balance on your account, otherwise you won't be able to calculate the tax outcomes correctly.
As a taxpayer, it's your responsibility to keep accurate records, so you should log in regularly to export your transaction history (at least once a year when the financial year ends). Then just keep a copy of the above files.
You can also look at using one of the tax software like Syla or one of the other Australian providers. These software are typically free to sign up and use for keeping transaction records. It will also do the tax calculations for you and generate a report for you or your accountant to use for your tax return.
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