This is an Australian company that offers detailed tax report for crypto traders. You can try out their tool for free then only pay if you like the result and want the reports. Bonus point is if you subscribe now, you can get all the tax report/ for previous years PLUS 2021-2022 because the subscription should last until next September.
Happens when you pump and dump shitcoins.
I've lost enough on crypto….. I don't need to lose more 😉.
Really? I've made 7 figures.
Doesn't sound as impressive when you admit that's in satoshis ;)
I've made too (not quite that much) but I'm under no illusion that for me to gain somebody had to lose it.
For real?
HODL
Irrespective of price, is the report is good/advanced enough to justify going with them vs DIY?
Like someone replied below, only if you have multiple exchanges or at least 2 really and over 100 trades where you might have sent money out etc. Also in terms of rewards and fees etc. You can classify the transactions or reclassify if say you did it as a payment for something and it wasn't a trade (this doesn't incur cgt)
If you have a dozen transactions only then spend the 30 minutes to categorise them and work out cost at time.
Whilst I negged the deal for them being shifty, it was useful. Won't be Renewing though
Thanks, I’m gonna try a few other options first then.
In my opinion, no.
At tax time, I tried out this and Koinly. I ended up paying for it because I was a bit confused about how to fill out MyTax based on the given info, and being Australian, I thought these guys would be the better choice. I hoped it would give me a bit more detail and instruction.
The amount of info I got from it was about the same as I was able to get for free on Koinly, and I ended up using the how-to videos from them to guide me in filling in the values into MyTax.
When I contacted these guys about it, the response I got basically just said "Hand the report to your accountant", which kinda defeats the purpose of software like this in my opinion.
I don't think this is right.
It's cheaper from a previous deal: https://www.ozbargain.com.au/node/606595
USD pricing hasn't change since June either: https://web.archive.org/web/20210624231854/https://cryptotax…
Edit: OP posted an image of the receipt that showed the Hobbyist plan, not the Investor plan. He deleted his comment almost instantly, and still hasn’t given any clarification.
I use Koinly, and from my experience if you don't trade on multiple exchange you better off with exporting tax reports from your exchange.
At the end there are some stuff you still have to put in manually (eg. DeFi)
I have used CTC and Koinly, I prefer Koinly (and plan to use them again this year), at last check CTC was still buggy.
Just wondering what % of crypto traders actually declare profit/loss? My guess is alot are oblivious to the tax obligations of capital gain/loss.
The big ones all have aml and report to ato so you're flagged with the ato. Lots of people have been prompted if they've forgotten to declare crypto earnings (reddit)
This.
I've dropped only a few hundred in crypto, with no major gains and have spent about 20% of it on goods/services.
Having to declare every single transaction in order to complete by tax for the year is a huge pain in the arse, and the only thing keeping me from lodging my return at the moment.
Many of my transactions weren't on an exchange, and I'm not sure I'll be able to pull together complete info. Massive PITA
There should be a threshold or some simpler reporting scheme. I'm not looking to dodge taxes at all, but it's also not like I'm sitting on tens of thousands of dollars of crypto.
My tin foil hat reasoning is that they want it to be a complex affair to keep you out of crypto. Here's why: ATO's own q&a forum provides varying assistance depending on which agent answers. Big banks do not want people investing in crypto because they don't get a piece of the pie. Big banks donate a lot to political parties, its not that much of a leap to see crypto at the very least being way down on the ATO's priority list for public education (but don't you dare think about not declaring it!). It would be easier and more profitable for banks/government all round for the investing community to maintain the status quo.
A threshold for hobbyists and the like feels much more sensible but I bet it won't happen.
Was thinking about not doing it but was prompted this return. Binance, BTC market etc all report to ato.
I got 1 year sub at last deal. Not worth full price but last financial year I was trading Alts heavily across 3 exchanges. Won’t be renewing since just holding ETH and BTC now with fields to HODL.
I'm a tax advisor doing a lot of crypto work for clients.
As others have said, these systems are good for simple stuff.
Once you get into more complex situations or serious amounts of CGT it's an idea to get a professional to review - there are a few tricks and traps.
care to elaborate?
Tax advisors charge by the hour. Their billable will be more than the tax bill.
That's why I did my own and would recommend this tax calc. I found it was a little more accurate then koinly in my case. There were a lot of issues when I first imported my data but having a general idea of what they were helped sorting it out.
I did have some double ups that weren't triggering an error. How's an accountant supposed to see that? It's definitely worth doing it yourself.
i dont get how people make money in crypto. can someone explain?
i know 900 bitcoins are mined per day, so $52,000,000~ cash needs to enter daily. thats $1.5B a month, just to pay BTC miners. this aint including the 5000 other shitcoins. then you have the exchanges skimming everything off the top, so they're taking out billions a year too. and then you have the leverage traders, which exchanges actively open positions against because they have direct access to their own order books, so they just incorporate it in to their bots trading algorithms.
then you have Tether, which has printed $68,000,000,000 but only has $3billion~ in actual cash, the rest is just IOU's to god knows who
how do they find an endless amount exponential amount of new money to enter the space? this just seems like a negative sum game, where the majority loses. or is my math wrong?
Tether
https://www.coindesk.com/policy/2021/09/24/sec-hints-at-teth…
how do they find an endless amount exponential amount of new money to enter the space
Is this about Tether or about Bitcoin? If about Bitcoin you can think of mining as the transaction fees. There are now new bitcoins created (anymore) and will never be.
There are now new bitcoins created (anymore) and will never be.
That's not true… currently 6btc minted per block, and will continue to be halved every 4 years or so for the next 100+ years (assuming Bitcoin lives that long).
You are correct, I was wrong.
source no "no new bitcoins created and never will be?"
i think you have no idea what you're talking about personally
You are correct, I was wrong.
how do they find an endless amount exponential amount of new money to enter the space?
Have a think about this. Of all the USD currently in circulation, ~ 40% of it was printed in the last 12 months. Where do you think all that money is going to go. Its not that Bitcoin is going up in value, its just that Fiat is being inflated away aka being devalued.
Semi trolling, I wonder what happens if you made a loss and didn't declare it.
Besides possibly paying more tax than you should, would you be penalised for it?
ask on ato form anonymously. I am going to declare my gains or losses as it just not worth the headache if ATO comes after me
ask on ato form anonymously
Pretty sure they will log everything.
A better way would be a private ruling imho.
I suspect this is considered not taking due care but surely no one would be fined for paying more tax than that should.
if you use an anonymous email to signup and ask using a random name then I am not sure how can they do anything with that info
@U30004: Not sure what you mean? I've only said using the forum is not anonymous.
My reference to a private ruling has nothing to do with anonymity.
Just keep having a boating accident
what does that mean?
Why wouldn’t you want to declare a loss? It Carrie’s over to next financial year anyway
So I started "dabbling" in the Crypto realm in May (terrible timing).
I used Binance and traded maybe 4 coins,.that got stop losses called basically daily. Probably 100 trades. No gain or loss. Was going nowhere. Got it on the RSI up, then straight back down, stop loss initiated. Binance export only shows half of the transactions at best for some reason?
Was wasting my time, so decided to do some Defi pooling and purchases on Pancake Swap. Bought $10 worth of 5 new shitcoins. One went to $95 in a day, but I couldn't work out how to dump it (transaction kept on being rejected). Still have them. 4 are worth 10 cents, 1 worth $5.
Bought into, and pooled on pancake Bunny at 90 odd %. But this then got hacked and $200 Bunny went to $1, then they (PCB) converted it to Bunny, cake and Mound in a compensation pool. I whacked the mound into their new pool. Cake into PCS. No idea of the cost base in AUD.
I gave up on Crypto and just saw everything went through a peak again. I put in $2k AUD. Binance says my existing holdings (Matic, ADA, TRX, ZiL) are now worth around $700 total. Sadly, forgot I still had my SOL set to sell at $29..and it obviously did. No profit, or loss. Well the AUD would be lower. So small loss.
My trust wallet Balance (with the shit coins) is worth $5.
My $1k worth of pooled PCB, Cake, Mound is now worth around $100.
So I've made a decent loss (sort of), but wouldn't have a clue how to declare it.
I might be able to dump the shitcoins for a realised loss. I used the Binance export tool, and half the transactions are missing.
As for the Defi disaster of mixed hacks, conversions I didn't initiate …I have no idea how to track them. Plus I never sold anything, but was converted by default. Even if I dump them now, no idea what I would declare.
Would be so much easier if it was AUD in vs AUD out.
Will this tool or any other help?
Keep it simple.
(Sell price - fees) - (buy price + fees) = loss/gain.
E.g ($100 - 0.1%) - ($1000 + 0.1%) = -$901.1 loss.
But the AUD is constantly moving, and the converted hacked Defi I never technically 'bought' it. It was converted/ created in a compensation pool. 'Mound 'didn't even exist. They started it as a compensation idea to the hack, so how do you give it a cost base?
In fairness this is a bit unique and unlucky. But I don't think the ATO will accept 'dunno' as a declaration?
So wondering if this tool can work miracles somehow, but I assume it wont be able to do anything with this data either.
They offer a refund if you're not satisfied. Give it a go. It's a pain in the ass importing stuff from binance though, especially if you ever used their convert option like I have (I would deposit AUD from bank and convert it to USDT on Binance and send to other exchanges for trades) I don't think this tool picks it up from API so you have to import a bunch of csv files if you can find where to export them from.
I only did my tax last month after a cryptotax rep gave me the HURRY30 code for 30% off, I should of tried HURRY40 haha
I spent hours importing/sorting through data from 5 exchanges and trust wallet.
Like you I had no idea what I was doing, only made some small trades for the fun of it but overall was at a loss. I was messing around trading shiba at it's peak. I got in a little early before it took off, think I put in $100 and saw it hit over $1000 USD but along the way I was selling and buying more not really knowing what I was doing. Each time I did this I triggered a CGT event which is stupid, I was making like $20 a trade and buying more/selling as the price went up.
In the end according to this tool and mostly thanks to messing around with shiba trades I had around $700 gains to declare and $200 loss so overall $500 gains. It sucks you have to declare this as gains when you're actually at a loss. This system needs to be reworked. No wonder so many people aren't doing their tax and are avoiding KYC
Which of these Crypto tax trackers work best with tracking Defi space transactions.
Like coins on Binance Smart Chain (BSC) thats staked, liquid pooled and yield farming on various Defi sites.
The coins in the crypto exchanges are the easy part and highest earners.
Mixed results in Defi including some heavy losses on a few but so many small transactions daily and none of these sites actually have an option to display or export transaction history. Ive put it in the too hard bin for now.
nice. putting off the task of doing my tax this year has paid off
So question:
What if you've never invested/deposited any $AUD in any coin or trading platform, you've only mined and transferred what you've basically manufactured to your trading platform wallet, then traded for some other coin that has arbitrarily gone up and down over time (ni which I'm down overall).
What is there to declare? I've never cashed any of it out into $AUD or another legible tender, I'm just playing. The small amount I've "invested" has been manufactured from thin air; I get credited BTC which I transfer to Swyftx wallet, from which I trade between currencies.
Ask your accountant but I suspect the value in AUD needs to be figured out when it was mined. Then its a CGT event when you traded that other coin, which you need to figure out the AUD equivalent again. But if you haven't traded vs other coins in the meantime, you don't have to calculate it.
I swapped some cryptos early this year without knowing it's a CGT. I'm using eTax and they are asking me to provide the report but I was like isn't that your job? I'm able to do it myself on myGov as there's only one CGT..guess this year I'd need to do tax myself. I still don't know why eTax couldn't do this. Isn't it pretty much the same as shares? I don't know much about this.
$240 for a tax calculator?