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Crypto Tax Online – January 2021 review

Online cryptocurrency tax advice and services you can pay for with crypto.

Tim Falk
Tim Falk

Updated

Fact checked

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If you’re struggling to understand your cryptocurrency tax obligations, you may need help from a professional.

Crypto Tax Online is an online accounting firm that specialises in cryptocurrency tax advice and services. It offers a team of cryptocurrency tax accountants that can help crypto buyers and traders all around Australia prepare their tax return.

But is Crypto Tax Online the right firm to help solve your crypto tax problems? Let’s take a closer look at the services and benefits it has to offer.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is Crypto Tax Online?

Crypto Tax Online provides personalised advice on cryptocurrency tax matters to digital currency enthusiasts, traders and investors all over Australia. As the firm’s name suggests, its services can be accessed completely online, without the need to visit your accountant in person.

Crypto Tax Online also offers general tax and accounting services so any advice it provides is supplied by chartered accountants.

What services does Crypto Tax Online offer?

Crypto Tax Online offers a number of services to customers, including:

  • Crypto CGT reports. If you still want to file your tax return through your regular accountant but you’re concerned they don’t have an adequate level of cryptocurrency knowledge, Crypto Tax Online can prepare a crypto-only Capital Gains Tax (CGT) report that you can supply to your regular accountant.
  • Crypto tax preparation and advice. If you want to know whether the ATO views you as an investor or a trader, how to keep tax records, how to comply with all regulations or the answers to any other crypto tax questions, Crypto Tax Online can provide advice tailored to your needs. Its team of accountants can also prepare and lodge your tax return for you.
  • Crypto tax strategy planning. Your accountant can assess your personal situation and then tailor a strategy to help you minimise your tax bill.
  • Complete accounting service. Crypto Tax Online also offers a full range of general taxation and accounting services for individuals, partnerships, trusts, companies and SMSFs.

What benefits are there to using Crypto Tax Online?

Why should you consider using Crypto Tax Online? There are several reasons, including:

  • Crypto tax specialists. Cryptocurrency tax is a relatively new area of taxation, so finding an accountant who understands the ins and outs of buying and selling digital currencies is crucial. Crypto Tax Online specialises in cryptocurrency tax advice and services and aims to educate the crypto community about all tax-related matters.
  • Pay with crypto. Crypto Tax Online accepts payment from its customers in bitcoin (BTC) and Ethereum (ETH), with plans to accept additional cryptocurrencies in the future. Alternatively, you can pay with Australian dollars via your credit or debit card.
  • Online service. If you don’t have the time to visit your accountant in person, Crypto Tax Online offers an online booking and video consultation system. This allows you to sort out your crypto tax obligations and tax return from home.
  • Variety of services available. Whether you want a crypto-only report on your CGT obligations or a comprehensive service with your tax return prepared and lodged on your behalf, Crypto Tax Online offers a wide range of solutions.

How much does it cost to lodge a tax return with Crypto Tax Online?

The cost varies depending on a number of factors, including:

  • The type of service you select
  • How many trades you’ve placed
  • The overall complexity of your tax return

With this in mind, you’ll need to contact Crypto Tax Online directly to explain your personal situation and get a better idea of how much it will cost you to use the platform.

However, as a guide, a cryptocurrency-only CGT report from Crypto Tax Online starts from $389. This package is designed for casual crypto buyers and includes accounting for 1 exchange and a maximum of 200 trades. If your trading volume is higher or you’ve used additional exchanges, extra fees may apply.

Next steps

Compare the range of services offered by Crypto Tax Online with those offered by other cryptocurrency tax accountants. If you’d like to find out more about how much it’ll cost you to use Crypto Tax Online, you can get in touch by:

  • Filling out an online contact form
  • Phoning one of the following numbers
    • (08) 6365 5325 (Perth)
    • (03) 9088 7680 (Melbourne)
    • (02) 9030 0430 (Sydney)

Crypto Tax Online will then be able to assess your crypto activity and taxation needs to provide a price estimate tailored to your personal circumstances.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Disclosure: At time of writing the author holds ADA, ICX, IOTA and XLM.

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