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Crypto tax calculator for Australians

Our free crypto tax calculator can help you save time this tax season.

When you buy and sell crypto for a profit, you may need to pay capital gains tax (CGT) to the ATO.

Our crypto tax calculator is designed to simplify the estimation of your CGT and help you prepare your tax report.

For more complex tax calculations, you can compare calculators from our range of partners which have been reviewed for Australians based on cost, features and customer feedback.

Crypto Tax Calculator

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Purchase value (AUD) Sold value (AUD) Have you held this asset for 12 months or longer?
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Taxable income (salary plus other income, including capital gains)
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Crypto Capital Gains Amount
Crypto Taxable Capital Gains
Crypto Capital Gains Tax Amount
Net Profit After Crypto Capital Gains
Important 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.

How to use the crypto tax calculator

Our cryptocurrency tax calculator is designed for a simple estimation of your capital gains tax (CGT).

It works by calculating the profit or loss from a trade and estimating the CGT tax owed.

You can add multiple trades and toggle whether or not you've held an asset for 12 months or more, which will apply the 50% CGT discount.

You may be eligible for the 50% CGT discount if you have held on to an asset for more than 12 months without disposing of it – which means you have not sold it, or swapped it for another cryptocurrency.

To use the calculator, follow these steps:

  1. Add each trade to a new row. A trade is when you have bought then sold an asset once.
  2. Add your purchase price for the asset in the Purchase Value (AUD) column and then the price you sold it for in the Sold value (AUD). If you held the asset for more than 12 months without disposing of it (eg, selling it, trading it, or swapping it for another asset) then you can toggle the switch which will apply the CGT discount for that trade.
  3. Add as many trades as you need.
  4. Once you have added all your trades, add your taxable income to the bottom left field. This should include your salary plus any other income, including capital gains from any other assets that were not added to the calculator.
  5. Press the green Calculate button. You will be shown an estimate of your capital gains and taxable capital gains.

What triggers a capital gains event?

A capital gains event occurs when you dispose of an asset such as cryptocurrency, and make a profit or loss. This applies to all crypto assets including coins, tokens, NFTs and stablecoins.

You will need to add a new row in the calculator for each capital gains event. So each time you buy then sell an asset, you will need to add it as a new row, even if you made a loss. It is important to record your losses because these offset your gains and may help you reduce your overall tax bill.

The Australian Taxation Office (ATO) now provides guidance on specific transactions that can lead to capital gains events.

It is important to keep records of all your crypto transactions and consult a tax professional if you are unsure about your tax obligations.

Example crypto tax calculation

Michael, an Australian resident, purchased 1 Bitcoin in 2018 for $10,000.Over time, the value of Bitcoin increased significantly, and in May 2022, he decided to sell 1 Bitcoin for $50,000.Because Michael sold his Bitcoin for a higher price than his initial purchase, he made a capital gain of $40,000. Since Bitcoin is considered an asset for tax purposes, Michael would need to report this capital gain on his tax return and pay capital gains tax on the $40,000 profit he made from the sale of Bitcoin.

EventQuantityPurchase and sale priceCost Base (Purchase Price × Quantity)Capital Gain (Proceeds − Cost Base)Capital Gains Tax Owed (At rate of 25%)
Purchase (2018)1$10,000$10,000-
Sale (2022)1$50,000-$40,000$10,000

Please note that this table provides a simplified example and does not take into account any deductions, exemptions, or other individual circumstances that may affect the capital gains tax calculation.

Difference between investors and traders when calculating crypto capital gains

If you're a professional crypto trader then your tax implications will be a bit different to an investor.

A trader is typically someone buying and selling crypto on a regular basis to generate income. If this sounds like you, then you may want to contact an accountant to better understand your tax obligations.

By and large, though, most crypto owners in Australia are considered investors and subject to capital gains tax.

If you're unsure what you might be, make sure to check out the ATO's guide to investing and trading or read our crypto tax guide which neatly breaks down the two.

What can I do if I have made a lot of trades?

Calculating your taxes can be challenging if you have made a large number of trades. Here are some practical steps you can take to start making sense of everything.

Collect your records. You can start by gathering all relevant records of your cryptocurrency trades. You can download a copy of your transaction history from most exchanges, which should provide you with key information like purchase price, sale price, quantity and time and date.

Use crypto tax software. To simplify the process of tracking and calculating your cryptocurrency trades, consider using dedicated crypto tax software. These affordable tools can help you consolidate your transaction history from multiple exchanges, calculate capital gains and losses, and generate tax reports. Popular options include Crypto Tax Calculator, Koinly and CoinTracking.

Compare deals on crypto tax software

Consult a tax professional. If your records are starting to look complicated, then it might be time to consult a professional. A tax professional can guide you through the process, provide personalized advice based on your specific circumstances, and help ensure compliance with the ATO requirements.

Automated Cryptocurrency tax calculators

1 - 3 of 7
Name Product Pricing by tier (per year) Supported exchanges
Koinly Crypto Tax Reporting
  • Newbie AUD $49 ⁠— 100 trades
  • Hodler AUD $99 ⁠— 1,000 trades
  • Pro AUD $179 ⁠— 3,000 trades
  • Pro AUD $279 ⁠— 10,000+ trades
Supports all major exchanges
Use code FINDER23 for 30% off your first tax report! T&Cs apply.
Koinly generates crypto tax reports built to comply with Aussie tax guidelines for 750+ exchanges, wallets and integrations.
Crypto Tax Calculator Crypto Tax Reporting
  • Rookie AUD$49 — 100 transactions
  • Hobbyist AUD$129 — 1,000 transactions
  • Investor AUD$249 — 10,000 transactions
  • Trader AUD$399 — 100,000 transactions
800+ Integrations
Australian made tax software with 800+ integrations, ATO ready tax reports and support for all financial years.
Syla Crypto Tax Reporting
Syla Crypto Tax Reporting
  • AUD $59 – 10,000 transactions
  • AUD $149 – 10,000 transactions + Assurance reports
  • AUD $249 – 10,000 transactions + Lowest tax
  • AUD $349 – 10,000 transactions + Assurance reports + Lowest tax + SMSF & BGL sync
All major Australian exchanges
Affordable tax software with a generous free plan and tools to minimise tax.
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Price disclaimer: Last verified June 2023. Prices are subject to change and should be used as a general guide only.

What happens if I made a loss?

If you have made a loss from your cryptocurrency investments during the financial year, there are a few steps you can take.

Carry forward the capital loss. In Australia, capital losses can be carried forward to future years to offset against capital gains you may make in those years. There is no time limit, which means this can be a powerful tool to reduce future tax bills, so make sure to keep a record of any losses.

Offset against other capital gains. If you have realized capital gains from other investments during the same financial year, you can use your cryptocurrency capital losses to offset those gains. This can help reduce your overall taxable capital gains and potentially lower your tax bill.

FAQs

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. 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.

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