Cryptocate Cryptocurrency Tax Reporting
However, understanding and meeting your crypto tax obligations can be confusing and often downright difficult, so you may need to ask an expert for help. Cryptocurrency tax agents and accountants can use their specialist knowledge to ensure that you maximise your return without ending up in the ATO’s bad books.
Keep reading for details on how to find and compare cryptocurrency tax specialists in Australia.
Yes. While the rules surrounding cryptocurrency and tax in Australia are complex, you need to be aware of a few crucial points:
You can use our free crypto tax calculator to help estimate your tax.
There are several other important factors that could impact your crypto tax obligations, so check out our beginner’s guide to cryptocurrency tax in Australia for more information.
Why should you consider getting help from a cryptocurrency tax specialist to lodge your tax return? There are several reasons:
The term “accountant” can be used to refer to a professional who performs a variety of roles ranging from tax accountants and financial accountants to management accountants.
Tax agents are accountants that specialise in preparing and lodging income tax returns. Anyone who charges a fee to prepare income tax returns must be a registered tax agent, which means they are registered with the Tax Practitioners Board and licensed to provide tax services to the general public.
As with so many other things in life, the key to finding a good tax agent is to shop around. There’s certainly no shortage of options to choose from, so it’s worth taking the time to compare several agents before making your final decision.
Looking at an agent’s experience, qualifications and knowledge concerning crypto tax matters should help you narrow down your choices, but meeting with an agent should help you find the right person for you. A good tax agent will ask lots of questions about your financial situation, and encourage you to ask your own questions so you can get a better understanding of your tax obligations.
This process should help you find someone with the right knowledge and skills to help you maximise your return.
When comparing cryptocurrency tax specialists to find one that’s right for you, make sure you consider the following factors:
By doing a little research and asking the right questions, you’ll be well placed to find the right agent to help you complete your cryptocurrency tax return.
You could sign up for cryptocurrency portfolio tracking platform. Some platforms sync with your exchange accounts to track your capital gains and losses to calculate how much tax you'll be paying.
Images: Shutterstock
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.
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