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Cryptocurrency Tax Return
We can help prepare and lodge Australian tax returns for cryptocurrency:
- Investors;
- Traders;
- Miners;
- Stakers; and
- Businesses,
… no matter where you are in Australia, or overseas.
For cryptocurrency in a SMSF, refer here instead.
Crypto Tax Report
Together with the tax return we will provide a personalised portfolio tax report in relation to your cryptocurrency activity, which will disclose the following information (where applicable):
- Portfolio Valuation
- Investment Movements
- Tax Summary
- Assessable Income
- Deductible Expenses
- Realised Gains and Losses
- Unrealised Gains and Losses
Your report will be prepared using
unique systems and knowledge.
The result will be calculation of your cryptocurrency gains and losses to what we believe will be
an unrivalled degree of accuracy,
including minimising tax as much as legally possible.
Read Key Points & Transcript
Crypto Tax Return
video key points
- Cryptocurrency taxation introduces a new layer of complexity, requiring specialist navigation to ensure compliance and optimisation.
- With over a decade of experience in cryptocurrency, we offer bespoke solutions to handle both simple and intricate tax situations.
- Our method involves thorough collection of source information, meticulous preparation of tax reports, financial statements (if necessary), and essential documentation, all tailored to minimise your tax liabilities within legal boundaries.
- Our unique systems and deep knowledge enable us to accurately calculate gains, losses, income, and deductions, striving to minimise tax liabilities as much as possible.
- We support a wide range of cryptocurrency-related clients, including investors, traders, miners, and businesses, both in Australia and internationally, ensuring their Australian tax obligations are met efficiently.
- Also, if you’re seeking to catch up on past tax lodgements or need amendments, we’re here to assist and simplify the process too.
Presented by: Rama Yudhistira
video transcript
Cryptocurrency has created a whole new degree of complexity when it comes to taxation.
The good news is that we’ve been dealing with cryptocurrency for over a decade and no matter how simple or complex your situation, we’ll be able to offer a solution.
We understand the complexities involved and are here to make the process as smooth and beneficial for you as possible.
How do we achieve this?
It starts with gathering all the necessary source information from you. From there, we meticulously prepare your crypto tax report, any required financial statements, other essential documentation, and of course, your tax return.
Our approach is rooted in a combination of unique systems and deep knowledge, helping us provide outcomes that we believe are unrivalled in terms of accuracy on calculating gains, losses, income and deductions.
Our goal is to minimise your tax liabilities as much as the law allows.
We know crypto can be complex and overwhelming, and you might have fallen behind on your tax lodgements. If you have prior tax year returns to get done, or amended, we can also assist.
Whether you’re a cryptocurrency investor, trader, miner, forger, staker, business or self-managed superannuation fund – in Australia or overseas – we can help with your Australian tax obligations.
Price
Price depends on your specific situation and is impacted by factors such as complexity of your personal, investment and/or business affairs, completeness of data, compilation of data, number of different accounts, wallets and exchanges, types of transactions, number of investments/crypto traded, and timeliness of advice and assistance sort.
Our pricing generally begins at:
- $3,300 incl. GST per annum for modest affairs;
- $6,600 incl. GST per annum for intermediate affairs*; and
- $12,000 incl. GST per annum for complex affairs*.
* Intermediate and complex affairs typically involve business operations, DeFi, margin trading, mining, multiple NFTs, non-major blockchains, non-major exchanges, non-major wallets and/or missing information.
Ultimately, the price is determined on a case-by-case basis and we can provide a specific quote in due course (after receiving all source information), giving you a clear understanding of the price before proceeding with tax return preparation services.
Information We Need
The following information is what we need to prepare a quote and your tax return:
- Copy of most recently lodged tax return.
- Include all applicable prior year tax returns where amendments are required.
- A spreadsheet record of each cryptocurrency you currently own (i.e. the ticker such as BTC, ETH) and the quantity held today (or 30 June if you have an exact record).
- Here is a template.
- It can also be helpful to include a column for the location of the crypto (i.e. wallet/exchange) and the quantity at each location.
- If you have NFTs, then include the description, token ID, location (i.e. wallet/exchange), relevant blockchain (e.g. Ethereum/Solana/Binance Smart Chain) and acquisition transaction hash.
- If it involves a SMSF, then we also need screenshots of your exchange/wallet after login, showing the crypto, the quantity and the date.
- A list of each exchange and wallet you have used throughout the period.
- Here is a template.
- For each wallet, the record must include all the relevant blockchains (e.g. Ethereum, Binance Smart Chain, Polygon).
- Also, for each exchange/wallet, list the types of transactions which have occurred (e.g. spot trading, futures trading, margin trading, earn/interest accounts, staking, liquidity pools, farming, mining, borrowings, gaming, etc).
- All CSV/Spreadsheet file exports from your exchanges and wallets revealing all your trades, deposits and withdrawals up to today (or 30 June if you have those holding records).
- All read–only API Keys and Secrets for your exchanges.
- If you require assistance with gathering data from your exchanges/wallets, such as instructions for how to get CSV Exports/Setup APIs, then please let us know.
- If there is missing information, please provide as much detail as possible with respect to missing transaction data.
- Such as what transaction details do you know are missing and what cryptocurrency were traded/mined/staked/earnt/sold/lost (coin ticker, approx. date and quantities).
- The more detailed information you provide, the easier it will be to account for missing trade data.
- Loan and credit card statements associated with cryptocurrency investing.
- Agreements for all new cryptocurrency-related loans taken out during the year.
- Deductible and non-deductible percentage for cryptocurrency-related loans, if applicable.
- If you have drawdown money on a cryptocurrency-related loan and used it for personal expenditure, we need to know.
- A complete breakdown listing all Australian dollar (and foreign currency, if applicable) deposits and withdrawal to exchanges for cryptocurrency purposes.
- The amount of Australian dollars (and foreign currency, if applicable) held on exchanges today (or 30 June if you have an exact record).
- A complete list of transactions where cryptocurrency has been used for non-investing purposes. Such as using cryptocurrency for:
- Personal expenditure.
- Donations.
- Gifts.
- Records of anything else related to cryptocurrency that we need to know. For example:
- Hardware wallet costs.
- Mining/Staking costs.
- Trading subscriptions.
- Trading advice fees.
- Records of any tax deductible expenditure. If you are unsure if something is tax deductible, then include it and we can determine tax treatment.
- Where business / investments (shares, property, SMSF) tax is involved, refer here:
- Anything else which we need and should know about your tax affairs.
You may provide this information by email, or alternatively you can upload to our secure client account facility. If you would like to use the client account facility, then please let us know and we will arrange for a team member to setup your account.
Tell us about your problem and we’ll respond within 1 business day.
- Call Us 1800 818 924
- Email Us ExperienceSuccess@munros.com.au
-
Visit Us
308 Fitzgerald Street
Perth WA 6000