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30% off Crypto Tax Calculator 1-Year Subscription: Rookie $34.90, Hobbyist $88.90, Investor $174.30, Trader $279.30

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HURRY30

So I know some of you have been making some mad sick gainz throughout the year and not sure where to go for impending crypto tax.

I'm in the same boat and had a look at this site but didn't sign up.
I got an email giving me the discount code for 30% off their plans via coupon so I signed up and it is damn easy to keep track come tax time using this site. the plan is for one year so you can get all past years done including this year and some of next year if you sign up before the coupon expires.

Plans are:

Rookie $49 ($34.90) 100 transactions or less
Hobbyist $127 ($88.90) 2500 transactions or less
Investor $249 ($174.30) 10000 transactions or less
Trader $399 ($279.30) 100000 transactions or less (Business)

It all seems above board from an Aussie company as well, these prices all include GST

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closed Comments

  • +2

    I'm not too sure but I think Koinly is a decent free alternative for tax reports? I'm am yet too use it though

    • +1

      I recently signed up to Koinly and I like it. It's free and simple to use.

    • +1

      I used koinly last year and they were great however this year with the uniswap bonanza at the end of last year and token swaps etc its a little more complex

      • Koinly is good, I just joined up the other day. Though the "free" tool just seems to report capital gains in totality - does not seem to split between holdings of less or greater than 12 months which is important.

        • Correct, gotta pay for an actual tax report (of course). Koinly is a good service and nice to track portfolio for free before paying.

  • +4

    This is why I stick to BTCMarkets, their inbuilt tax tool is great.

    • Not completly directed at you. Just something I found a while ago in regards to btcmarkets tax reports.

      There was a bug a year ago that any crypto withdrawal fees (priced in BTC, ETH, etc) were being included in the fees column (AUD).

      Not sure if that is still there, as they now don't even show any transactions for me in 17/18 for detailed report, even though I had several tx's. For the report summary of same period, they show only one AUD deposit, with still no tx's…

      For another year, the PDF summary shows 'no tax events occurred on this account during this financial year'.

      Detailed Report, Shows all transactions (around 50).

      In the detailed report, any deposits are determined to have a cost base at time of deposit, which is incorrect. However you can put it the correct value, then calculate the correct gain/loss. But that is only as 1 value, and doesn't show the complete fifo queue you have to deposit, nor the miner/withdrawal/buy fees.

      So btcmarkets tax reports are no good for me.

      But if you have only ever used btcmarkets, and no other exchanges, you might be ok. I'd double check them at least once with your tax agent to make sure they are correct.

      • +1

        Of course, I’ve found the moment you start asking it to account for withdrawals or crypto->Crypto transactions it falls over.

        For the average joe just going from FIAT to Crypto and back to FIAT it works great.

    • I too found their inbuilt tax tool to be inaccurate. I didn't find out how they were calculating things, but my crypto tax going off their report would have been ~2.5x what I believed to be correct

    • Their fees are crazy. A trade which on Binance costs $1 on BTC markets costs $20+.
      They are good for depositing money though.

  • +8

    If you are making your trades on BTCMarkets, it's worth knowing that they prepare Tax Reports for you for free.

    https://support.btcmarkets.net/hc/en-us/articles/36002082335...

    • +2

      Btcmarkets is good if you're only doing AUD/coin trades

      I think the difficulty is when you start trading the main coins for alt coins because each trade is considered a CGT event.

      • +2

        This is where it's going to be a massive pain.

      • Yep, for a crypto pair you need the historical price for at least base currency (btc) in AUD.

        Crypto archive has the historical minute data for at least a good approximation of the btc price, at that particular minute in USDT. (though there is a few AUD pairs being recorded now).

        https://www.cryptoarchive.com.au/

        You can then use that historical price, convert it to AUD, using historical records of AUD/USD daily close.
        https://www.rba.gov.au/statistics/historical-data.html

        Then you can work out the alt coin price for the trade by multiplying the ratio(the 'price' you paid) by the historical BTC price.

        i.e. Trading against a base pair of AUD makes tax time easy. Trading against USD/USDT is ok, as it's then only a small conversion. And trading against BTC/ETH/BNB/etc is a real pain when it comes to tax. Do not do it, ever.

  • "Single plan covers all tax years from 2013-2021"
    Cost quoted per year.
    Which is? Pay once and it will calculate 2013-2021 or do you have to pay for each year seperately?

    • It will be a yearly fee but you can import all your transactions since 2013 to go back and alter your reports if need be.

      • So pay once for 2013 to 2021?

        • Correct. Then pay again next year.

          • @worthy1: I think you can get away with paying every two years if you buy it after EOFY. I bought mine in Oct 2020 and used that to calculate for FY19-20, I just checked now and it's still good for FY 20-21. So assuming that it's not auto-renewing and they don't close the loophole, I'll buy it again in Oct 2022 to use for FY21-22 and FY 22-23.

  • i hope they are good at what they do, because the wording in their FAQ suggests they don't understand taxes in the first place

    You can be liable for both capital gains and income tax depending on the type of cryptocurrency transaction

    • +3

      airdrops etc are income tax trades are capital gains. I imported my eth wallet and have both capital gains and income

      • Airdrops should not be taxable until you sell. CGT event with zero cost base.

        • +2

          airdrops are actually income tax based on the day you get them
          " The money value of those additional tokens is ordinary income of the forger at the time they are derived."

          • @worker: You what mate? If you get shares at $0 you pay income tax on it

        • +5

          https://www.ato.gov.au/general/gen/tax-treatment-of-crypto-c...

          You'd recognise the airdrop as ordinary income when you receive it, and that would become your cost base when you sell it.

    • +1

      I think this language is probably aimed at people who have earnt farming rewards, staking rewards, or masternode rewards.

    • I made a competing application (no longer active). They are correct.

      Staked rewards are generally counted the same way as dividends. IE you value it at the time of receiving the staked reward and pay income tax on it under "Other Income" in your tax return. Then if it goes up or down you would typically treat it as a capital gain from this point onwards (assuming you are holding it from that point on for investment purposes).

      Staked rewards source: https://www.ato.gov.au/general/gen/tax-treatment-of-crypto-c...

      Usual "this is not tax or financial advice; go talk to a registered tax agent for advice about your specific situation" disclaimer

  • +3

    For anyone interested here is a summary of my profit/loss worked out for the past year. It accurately took into account rug pulls as well which is a cool feature

    https://prnt.sc/1059obj

    • Such little movement on BTC despite the big increase in price? You weren't holding much?

      • no not holding much btc at all, mainly eth/defi

    • How are gas fees treated?
      Is the gas you spend per transaction part of the cost base for CGT purposes? Or is it a deductible expense against the income?

      • Depends on the transaction, but most of the time should be cost base.

  • +6

    Government: You owe us money. It's called taxes.
    Me: How much do I owe?
    Government: You work it out.
    Me: Oh we just pay what we want?
    Government: No, there's an exact amount that you owe but you have to work it out.
    Me: Okay, here's your money.
    Government: Wrong! Off to jail you go!

    • +4

      I worked mine out roughly… If they want to send an auditor to comb through on my portfolio worth less than 2k they are more than welcome to. Smh.

      • +2

        Agree with the approach.
        My experience is when they do send an auditor, the auditor also works it out "roughly" but completely in the ATOs favour. Then they amend your tax return. The onus is now on you to prove the auditor wrong.

        • Luckily crypto tax is pretty simple - providing you export your CSVs from your providers, and so you have accurate records of your transactions, then there isn't much room for "adjustment" - the auditor wouldn't really be able to come up with different profit/loss numbers unless your data had holes in !

  • -1

    Swytfx has the same ?? anyone knows ?

    • No clue. I've made $50. So I cbf!

  • Having to pay tax on crypto is such a fking joke. Pisses me off so much that we have to take a ridiculous risk and the government dips in with 0 risk.

    • +1

      They have the risk of paying your medical bills when you’re sick and old.

        • +1

          It is via Australia’s existing financial services regulatory regime.

            • +2

              @DisabledUser193539: Now you’re just talking about tax evasion. Nothing to do with regulation.

              It is regulated, you’re just finding a way to evade. And knowing how good the ATO is getting these days at data matching, not to mention the money in crypto at the moment, I wouldn’t be naive to think the ATO will ignore it :-)

              The ROI on them to identify SWIFT numbers from overseas exchanges and then go after evaders would be quite high.

    • +3

      You expect to not pay Tax on Gold or exchange rate fluctuations if you’re holding overseas currency? It’s exactly the same thing.

      For something that is a ‘store of value’ it needs to be taxed as such. If you transfer from AUD -> USD -> AUD and make a profit that also is a taxable event. BTC is no different whether you consider it a currency or an asset.

      If they didn’t tax it imagine how much that loophole would be abused. Every man and his dog would throw money into these assets because they would be tax free. Hey I’d get paid in BTC if that were the case!

      Aside from wanting to get rich quick, for what reason should it be excluded from Tax?

      • Your pay would just get calculated from AUD to BTC on payday - how is this any different from you converting it to BTC on payday yourself? You then shouldn't get taxed for spending your BTC, because income tax was already taken out.

        • The person I replied to for some reason believes CGT/Tax shouldn't exist on Crypto. I completely agree with you though.

    • +1

      It has to be taxed because every other form of income/profit is taxed - it's as simple as that.

      If crypto currency was tax free, it would be a massive gaping hole that everyone would exploit at the expense of everything else.

  • +1

    Hey OP so whats the go? Does it use api to access transaction or do you manually plug in transactions and it pulls up values on those dates eg bought eth Monday, turned to nano wed, then next week to eth again, does it work out on histocial values? These are the most pain the ass ones and I'd gladly pay for a service that accuratey measures and calculates

    • It has a mix of API integrations and CSV/XLS file importing depending on the source. It does work out historical values

    • yeah it works out historical values pretty accurately from what I can tell

  • What if you buy Rookie and have 101 transactions?

    • rookie mistake

  • Anyone know if this service can be claimed on tax?

    • +6

      I would say it could be claimed as a "Cost of managing tax affairs"

      Possibly: "buying tax reference material" or "purchasing software to allow the completion and lodgment of your tax return. You must apportion the cost of the software if you also used it for other purposes."

      • Well i mean it only works on crypto..defo not getting any personal enjoyment out of it.

        Thanks though :)

  • Wouldn't anyone with a large gain just spend a taxation year in a tax haven or tax luddite country?

    • I've always wondered this myself.

      • If you hold an asset as a tax resident then selling point is automatically selected when you stop being tax resident whether you sold or not.

        • That would be easy to enforce with property, but not with bitcoin.

          • +1

            @DisabledUser171442: Not sure what you mean by this - most coins like Bitcoin have a completely public blockchain, it's significantly easier to track than cash, providing you can link a wallet address to a person. And even that step is easy for the ATO - they can simply ask your provider to hand over the deets ! Many countries have tax treaties in place and information sharing - and even if you choose a provider in a "difficult" country, the ATO can still just ask your Aus bank to send them a list of customers who've sent money to the attached list of crypto companies….

            • @Nom: There is the famous case of the Welsh guy who 'threw out' his harddrive with 75,000 BTC. According to you, when does he pay the huge UK taxes if he leaves the country to go live on an international waters tax haven ship? At sea, miraculously finds a backup SD card 3 months later.

              • +1

                @DisabledUser171442: He's not liable for any tax unless he's traded or disposed of the lost coins 👍 It's only a capital gains tax event when you do something with your holdings - just holding them is tax-free.

                If he did find them 3 months later, and moves them to a commercial exchange to sell them, then he would certainly generate a giant tax bill for the sale (disposal). But that hasn't happened yet, because he's lost the hard drive containing the coins 😎

                • @Nom: So, like me, you disagree with Saurabhdedhia above?

                  • +1

                    @DisabledUser171442: Nope, he's correct - if you change your country of tax residence, then this does indeed trigger a CGT event - there's a full description on the ATO site about the CGT implications of changing country.
                    Going over seas for 3 months as per your example is not "changing your country of tax residence"…

                    • @Nom: No, you just contradicted your own statement "It's only a capital gains tax event when you do something with your holdings - just holding them is tax-free."

                      • +1

                        @DisabledUser171442: Sorry, which bit do you disagree with ?

                        You can hold as much crypto as you like - there's no tax implication unless you make a trade or sell.

                        If you change your resident tax country, then the ATO treats that event as a disposal (sale) - https://www.ato.gov.au/general/capital-gains-tax/internation... - at which point you owe CGT on all the gains you've made. Even though you haven't traded or sold !

                        This is just the way cap gains operates, it's exactly the same for shares, property, crypto, etc.
                        The ATO knows what shares you own, because your broker tells them. They know what property you own because it's a public record. They know what crypto you own, because your exchange tells them OR a foreign government tells them OR your Australian bank tells them you've sent $$$$ to crypto exchange OR they know which wallets are yours because another Australian sent some crypto to you and told the ATO about it, etc. etc.
                        There's no anonymity unless you're extremely meticulous about cold wallets unlinked to other entities and funded purely by cash - approximately nobody operates this way 👍

                        • @Nom: "There's no anonymity unless you're extremely meticulous about cold wallets unlinked to other entities and funded purely by cash"

                          You just said miners cannot generate bitcoin anonymously, lol.

                          • +1

                            @DisabledUser171442: I most certainly did not - miners are a tiny fraction of all Bitcoin users.
                            I'm discussing general scenarios for the majority of users 👍

                            If your point all along was that mining coins was anonymous and hard to enforce tax rules on providing you don't interact with any commercial entities then I completely agree.

                            This fact is irrelevant for most Bitcoin holders - average Joe is making his Bitcoin transactions using commercial entities who are legally required to report information.

    • No, because that's significantly more hassle than just paying your tax bill from your large gain and keeping the profits !

      You still get to keep 85% of the large gain (assuming 30% tax rate and 50% discount because you've held for more than a year) after you pay the 15% tax bill…

  • +1

    Do I need to pay tax for the gains I made, Which is still in the account but haven't withdrawn.
    Basically I am not getting any income on that account, coins are just sitting there and doing upwards and downwards trajectory according to Elon's Tweets.

    • +1

      Transactions are subject to CGT (or loss), not market movements. When you realise the loss or gain is when it is an event for CGT purposes.

      That includes if you go from one crypto to another (not financial advice etc)

  • Is there any way to revalues shares / bitcoins more than 12 mths just like property to minimise capital gains ? Eg .
    Revalue at previous 13 mths not 24 mths.

  • +2

    Thanks OP. Was just about to sign up and but did my obligatory ozbargain check out of hope more than expectation. Had been looking at this site and comparing to Koinly and Cointracker.

  • Just checking is it 100 transaction per financial year…or is it from start of trading eg trading since 2017. But total transaction should be less than 100 got now bit plan to actively trade more this and next year…

  • +1

    Use coupon Hurry40 for 40% off.

  • Any discount codes still working?