Cryptocurrency Accountants Sydney, Melbourne and Brisbane

Valles cryptocurrency tax consultants have been involved in the cryptocurrency space since late 2015.

Our cryptocurrency accountants in Sydney, Melbourne and Brisbane endured the crypto rollercoaster through the highs of 2017. During this time, our cryptocurrency tax consultants assisted many of the local Australian ICOs through the complex taxation issues surrounding coin raises and the preparation of financials for teams primarily relying on crypto transactions.

We are some of the most trusted cryptocurrency tax accountants in Australia, we pride ourselves in having produced audited General Purpose Financial Statements for crypto not-for-profits during the crypto bull market and calculating crypto gains for traders with tens of thousands of transactions.

The changing tax landscape is something we pay a lot of attention to. Our cryptocurrency accountants, from Brisbane to Sydney to Melbourne, can guide you through the complexities of the newer developments in staking and yield farming. Valles cryptocurrency tax consultants have provided tax advice for the yield farmers who received their 400 UNI and immediately provided liquidity to other pairs.

Valles cryptocurrency tax consultants have:

Cryptocurrency tax laws in Australia are rapidly evolving as regulators struggle to keep up with the foundations of the market being built.

How Capital Gains Tax (CGT) is applied to cryptocurrency assets depends on factors such as how the crypto is sold or used, how you transfer from one currency to another, and other considerations. All of these will be taken into account by your cryptocurrency tax consultant.

There is currently little or no guidance from the ATO about trading crypto derivatives such as margins, futures, contracts or options also exist. We recommend you talk with our cryptocurrency tax consultants for the guidance you need to manage your tax strategy and tax treatment in crypto trading.

Reach out to our certified specialist cryptocurrency accountants in Sydney, Melbourne and Brisbane.

Are losses on cryptocurrency tax-deductible with the ATO?

Cryptocurrency losses are tax-deductible under the ATO.

Like any other form of asset acquired for investment purposes, the capital gains on the asset is taxed when the asset is disposed of, but a net capital loss can be used to reduce the CGT on other assets. A cryptocurrency tax consultant can assist with calculating how CGT and tax deduction laws apply on crypto.

What kind of asset is cryptocurrency for tax purposes?

A cryptocurrency is considered an asset for tax purposes – not a currency. Its tax treatment is similar to other assets, such as shares.

Though Bitcoin and other forms of crypto are currencies, they are not treated as currencies for tax purposes. The ATO treats cryptocurrency as an asset, or an investment with a price in AUD that fluctuates over time. Cryptocurrencies are taxed accordingly, with the relevant CGT and CGT deductions applied.

What are 3 tips to remain tax compliant with crypto? 

Cryptocurrency transactions are subject to taxation in Australia, just like any other type of asset.

If you’re buying, selling or trading crypto, it’s important to stay compliant and declare any profits or losses on your tax return.

Here are three top tips from our crypto tax accountants to help you remain compliant:

1. Keep records of all your crypto transactions. This includes the date, value and type of crypto, as well as the name and address of the other party. Our crypto accountants can help you keep track of your taxes.

2. Report any crypto-related taxable income on your tax return. This includes any capital gains or losses from selling crypto, as well as business income from mining or staking.

3. Don’t forget to include crypto in your asset declaration. If you’re holding more than $10,000 worth of crypto, you’ll need to declare it on your annual asset declaration form.

By following these tips, you can ensure that you’re staying compliant with cryptocurrency taxation in Australia. For more information, speak to Valles and our crypto accountants today.

Are there accountants that specialise in crypto tax in Australia?

If you’re looking for an accountant that specialises in cryptocurrency tax in Australia, look no further than Valles Accountants.

We have a team of experienced and qualified crypto accountants who are up-to-date with the latest tax obligations and laws, and we can help you maximise your tax return.

We understand the challenges that come with crypto taxes, and we’re here to help you navigate the process.

Contact our crypto tax advisors today to book a consultation, and we’ll be happy to answer any of your questions.