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Re: Crypto Tax

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Hey there,

 

I got into the crypto market roughly at the start of 2018 and started investing wihtout knowing anything. Now as i have done some research and am aware of the tax obligation, I want to do it by the book. SO for someone who hasnt declared anything at all since the last financial year and who has made thousands of trades across numerous number of exchnages, what can i do?? I have been trying to find a simple plus accurate way to do this, however i cant seem to find a good option. Is anyone able to suggest anything or any tax agents that might be able to help me. I just dont wanna get into trouble or get with with a hefty fine later on down the road.

 

Thank you and have a good day. 

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ATO Certified

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Hi @ethandbtcholder,

 

Welcome to our Community!

 

We can provide general information here about your tax and super obligations and our guide on How do I calculate capital gains tax on cryptocurrencies? may help as a starting point. You can also find some information on record keeping for cryptocurrency on our website.

 

Thanks, JodieH.

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Best answer

ATO Certified

Community Support

Replies 0

Hi @ethandbtcholder,

 

Welcome to our Community!

 

We can provide general information here about your tax and super obligations and our guide on How do I calculate capital gains tax on cryptocurrencies? may help as a starting point. You can also find some information on record keeping for cryptocurrency on our website.

 

Thanks, JodieH.

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Initiate

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Just wanted to welcome you to a long and painful journey. The ATO claims that there is software out there which helps with tracking records and preparing capital tax reports, good luck finding it. At best cointracking.info which will be costly for your number of trades will require long nights of going through the costs it pulled out, the timestamps and the horrible results it produces. You will later embark on another even more painful and costly journey of getting conflicting advice and sky high quotes from incompetent accountants. You may discover along this journey that you owe the ATO more money due to crypto to crypto trades during the 2017 peak period which may even be higher than the current value of the remainder of your holdings. When seeking answers on forums like this you will receive a lot of comments from ATO sympathisers and people who view their intelligence very highly that it's your fault, that it's all clear and fair and that the losses can be carried forward to offset any imaginary gains as you attempt to invest your imaginary funds as you struggle to pay your accountant's bill, struggle to meet your two year amendment window and juggle ATO payments. Good luck, you will need it.
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