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How we picked these- Best for DeFi: Summ Crypto Tax Reporting
- Best all-rounder: Koinly Crypto Tax Reporting
- Best for value: Syla Crypto Tax Reporting
How crypto tax software works
Crypto tax software keeps a record any transactions you make with crypto for the purposes of creating a tax report for the ATO.
Here’s how it works.
- Import data: First, you'll import all of your transaction data from your crypto exchanges and wallets.
- Transaction classification: The software will then identify and classify taxable events including capital gains and income.
- Report generation: You'll be able to export a tax report detailing your crypto profits and income, including staking and mining.
- Filing: You'll then submit the data from the report into myTax or to an accountant so they can file for you.
Is crypto tax software worth it?
Crypto tax software can save you a whole lot of stress and time when filing your tax return. This is particularly true if you’re a frequent trader, as trying to reconcile your transactions manually would involve a whole lot of work.
Remember that disposing of cryptocurrency triggers a CGT event, even if you’re only exchanging one crypto for another, so even casual traders may well have a large number of transactions they need to report to the ATO. Using reputable crypto tax software is a simple way to make sure you stay in the ATO’s good books while also saving yourself time and hassle.
| Option | Estimated Cost | Pros | Cons |
|---|---|---|---|
| Using crypto tax software | ~$49–$299 per year (based on volume) | Fast, automated reports, ATO-ready, supports DeFi/NFTs/staking | Upfront cost, some learning curve |
| Manual reporting | Free (except your time!) | Full control | Time-intensive, prone to errors, may miss deductions |
| Getting it wrong | Potential ATO penalties or audits | — | Penalties, back taxes, flagged accounts |
That said, it’s important to shop around to find the right software provider and plan for your needs. Pricing varies based on the number of transactions you need to track and the type of transactions. For example, you may need to pay more if you’ve dabbled in DeFi rather than just trading on centralised exchanges, so compare a range of plans before choosing the best one for you.
We offer a free crypto tax calculator with basic features that is designed to help you estimate your tax.
2026 Federal Budget update
The 2026–27 Federal Budget includes a major overhaul of Australia's capital gains tax (CGT) system and the changes will affect crypto investors in much the same way they affect people who invest in shares, ETFs and property.
From 1 July 2027, the current 50% CGT discount for assets held longer than 12 months will be replaced by an inflation-based system that taxes only the "real" gain above inflation. The government is also proposing a minimum 30% tax rate on capital gains.
For crypto investors, this means long-term holdings could be taxed differently when they are eventually sold.
Under the current rules:
- If you buy crypto for $10,000 and sell it for $20,000, you'll make a $10,000 gain.
- If held for more than a year, this would generally be reduced by 50% to a taxable gain of $5,000.
- This is then added to your taxable income for that year.
Under the proposed new system:
- The purchase price is first adjusted for inflation and tax would apply only to the remaining "real" gain.
- For example, if you bought crypto for $10,000 and inflation over the holding period was 10%, your cost base could increase to $11,000.
- If you then sold for $20,000, your taxable gain would be $9,000 rather than $10,000.
- That gain would then be subject to a minimum tax rate of 30%, although investors already paying a higher effective tax rate on their gains would pay the higher rate.
The biggest impact is likely to be felt by long-term investors who have accumulated large crypto gains over many years. Depending on inflation, holding period and personal tax rate, some investors may end up paying more tax than they would under the current 50% discount system, while others may benefit from the inflation adjustment. Active traders are likely to see less impact because short-term gains already miss out on the CGT discount.
For existing investors, the new rules will apply only to gains that accrue from 1 July 2027 onwards and gains built up before that date are expected to remain eligible for the existing CGT treatment, while future gains would fall under the new system.
Note that the detailed mechanics are still subject to legislation and consultation, so some implementation details could change before the rules take effect on 1 July 2027.
With this in mind, using crypto tax software to track and report your transactions can help ease stress come tax time.
< Edit detailsImportant information
This is a complex and novel tax area. The crypto tax calculator is provided as general information only and we recommend that you seek independent tax advice. The crypto tax calculator does not purport to be a complete statement of all Australian income tax implications that may be relevant to crypto transactions. The Australian income taxation implications may vary depending on the individual circumstances. We recommend obtaining personal and specific tax advice prior to the lodgement of your income tax return.Case Study
Scenario: Alex, a Sydney-based crypto investor, engaged in various activities, including trading, staking, and NFT transactions, across multiple platforms in the 2025–2026 financial year.
Challenge: Manually tracking over 1,000 transactions became overwhelming, leading to potential inaccuracies and missed deductions.
Solution: Alex adopted Koinly, which seamlessly integrated with his exchanges and wallets. The software automatically categorised transactions, identified taxable events, and generated ATO-compliant reports.
Outcome: By using Koinly, Alex saved approximately 20 hours of manual work and identified $2,000 in deductible losses, optimising his tax return.
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