Cryptocurrency Tax Accountant Gold Coast
Our crypto accountants help investors, traders and businesses manage their cryptocurrency tax obligations. We provide expert assistance with crypto tax reporting, capital gains calculations, record keeping and ATO compliance.
Crypto Accounting Tailored to your Needs
At SM Rosen & Co, we understand that cryptocurrency is becoming more and more popular, and with that comes the need for quality accounting services. We are proud to offer our clients professional crypto accounting services to ensure that your finances are always in order.
We have a team of accountants and registered tax agents who are well-versed in all things cryptocurrency, so you can rest assured that your accounts are in good hands. We offer a range of services including taxation, bookkeeping and financial reporting, all tailored to meet your specific needs.
Traders and Investors
The Australian Taxation Office (ATO) has recently released guidance on how it will treat cryptocurrency transactions for tax purposes. The ATO’s position is that cryptocurrency is property. As such—any profits or losses from buying, selling, or trading cryptocurrency must be declared in your tax return.
This means that if you’re a crypto trader or investor, you need to keep accurate records of all your transactions so that you can calculate your capital gains (or losses) come tax time.
At SM Rosen & Co, we can help you with all your cryptocurrency accounting needs, from record-keeping to tax returns. Whether it’s Bitcoin, Ethereum, XRP, Litecoin, or any other digital currency—we’ve got you covered. You won’t have to worry about the ATO breathing down your neck; we stay up-to-date with all the latest tax laws and requirements.
Mining and Staking
Cryptocurrency mining and staking are popular ways to earn income from digital currencies. If you’re engaged in either of these activities, it’s important to understand how the ATO will tax them.
Generally speaking, any income you receive from mining or staking must be declared in your tax return. This includes rewards in the form of cryptocurrency, as well as any profits you make when selling your rewards.
It’s also important to keep accurate records of all your mining and staking activity, as you’ll need to declare this in your tax return. This includes the date of each transaction, the type and quantity of cryptocurrency involved, and the value of the transaction in Australian dollars.
How Crypto Is Taxed in Australia
In Australia, cryptocurrency is treated as a capital gains tax (CGT) asset by the Australian Taxation Office (ATO). This means that when you sell, trade, swap or spend cryptocurrency, it may trigger a capital gain or capital loss that must be reported in your tax return. Common taxable events include selling crypto for Australian dollars, exchanging one cryptocurrency for another, using crypto to purchase goods or services, or receiving rewards from staking, mining or airdrops. Because crypto transactions can involve hundreds or even thousands of individual trades, accurately tracking and calculating tax obligations can be complex, making professional crypto tax advice important for ensuring compliance with ATO regulations.
FAQs
How do you minimise tax on cryptocurrency in Australia?
Depending on your need, we can create a solution for you. For example, did you know you could buy, sell and trade crypto through a trust and distribute it to the trust’s beneficiaries (individuals or companies) based on the best tax outcome for each entity?
Do I need to pay tax on cryptocurrency?
Yes. Cryptocurrency is considered property for tax purposes, so any profits from selling, trading, or exchanging crypto may be subject to capital gains tax (CGT). We can help you calculate your gains and ensure your tax obligations are met.
How is crypto taxed in Australia?
Cryptocurrency transactions are generally subject to capital gains tax if you make a profit when selling or exchanging crypto. Crypto received as income (like mining or staking rewards) is taxable as ordinary income. We’ll make sure all crypto transactions are reported correctly in your tax return.
Do I need an accountant for crypto tax?
While it’s possible to do it yourself, cryptocurrency tax reporting can be complex. We can handle your crypto tax calculations and reporting, ensuring nothing is missed and you stay fully compliant with the ATO.
Can you help me with crypto tax reporting?
Absolutely. We can prepare and lodge your crypto-related tax reporting as part of your individual or business tax return, making sure all transactions are accurately recorded and compliant with ATO requirements.
Can the ATO track my Crypto transactions?
Contrary to popular belief that crypto is untraceable, it is actually the most public way of doing transactions. When you do any transaction on the blockchain, you are putting that transaction on that public ledger forever to be viewed by anyone. So yes, the ATO can view your crypto transactions.
What is a digital currency tax specialist?
A digital currency tax specialist is an accountant who is up to date with the latest tax laws surrounding digital currencies. They can advise and help you with your tax obligations, ensuring that you are compliant with the law.
Can you help if I have multiple exchanges or wallets?
Yes, we can. Many clients hold crypto across multiple exchanges and wallets, which can make tracking gains tricky. We’ll consolidate all your transactions and prepare an accurate report for your tax return.
What records do I need for crypto tax?
You should keep records of all transactions, including buys, sells, trades, and transfers, along with dates, amounts, and values in AUD at the time of the transaction. We can help organise and reconcile these records for accurate tax reporting.