Valles – the Leading NFT Tax Accountants in Australia
At Valles Accountants, we have consistently shown ourselves to be at the forefront of NFT tax in Australia, building on our cryptocurrency knowledge as the NFT market grows.
Working as cryptocurrency accountants since 2015, we have seen many new blockchain-based technologies emerge – and the constantly evolving tax obligations that come with them.
What we do
Beyond ordinary accounting
Tailored accounting services
Trust our Cryptocurrency Tax Accountants
Over the past seven years, we have liaised with senior ranking ATO officials on cryptocurrency policies, as well as with Blockchain Australia, in our work as cryptocurrency and NFT tax accountants.
As active cryptocurrency investors ourselves, we combine our unique knowledge as Chartered Accountants with our passion for NFTs, crypto and other blockchain technologies.
As specialist NFT tax accountants, we stay at the forefront of industry developments and are able to guide and educate our clients, translating complex information into accessible and actionable advice.
These factors position us as some of the most experienced NFT tax accountants Australia has to offer. We are highly capable of meeting all your tax accountancy needs – spanning traditional and emerging financial markets.
As specialist NFT tax accountants, we stay at the forefront of industry developments and are able to guide and educate our clients, translating complex information into accessible and actionable advice.
These factors position us as some of the most experienced NFT tax accountants Australia has to offer. We are highly capable of meeting all your tax accountancy needs – spanning traditional and emerging financial markets.
What Exactly is an NFT?
If you have landed here, chances are you are aware of what an NFT is and are seeking someone who can deliver dependable services as an NFT tax accountant.
If NFTs are new to you, here is a quick run-down on what an NFT is and isn’t.
Firstly, a ‘non-fungible token’, or NFT, is a digital token that is not ‘fungible’, which means it’s not replaceable by something similar.
Whilst Australian tax guidelines treat cryptocurrency and NFTs similarly, an NFT is actually an asset, generally digital, that uses the same blockchain technology as cryptocurrency.
NFT’s inherent value is its ability to store transactional records of authenticity, as well as proof of ownership on the blockchain. This can create a powerful sense of security for both creators and investors.
NFTs are commonly linked with creative property, or collector’s items, with a built-in capacity to receive commissions and royalties, even if resale occurs. We are increasingly seeing them used for the sale of domains, real estate, and many other transactions.
As the leading NFT tax accountants in Australia, we pride ourselves on an exceptional level of knowledge of this exciting emerging field. We invite you to get in touch with our team of Tax Accountants in Melbourne, Sydney or Brisbane today.
NFT’s inherent value is their ability to store transactional records of authenticity, as well as proof of ownership on the blockchain. This can create a powerful sense of security for both creators and investors.
NFTs are commonly linked with creative property, or collector’s items, with a built-in capacity to receive commissions and royalties, even if resale occurs. We are increasingly seeing them used for the sale of domains, real estate, and many other transactions.
As the leading NFT tax accountants in Australia, we pride ourselves on an exceptional level of knowledge of this exciting emerging field. We invite you to get in touch with our team of Tax Accountants in Melbourne, Sydney or Brisbane today.
Looking for NFT accountants near you?
We invite you to get in touch which our team today to discuss how we can assist in managing your NFT tax needs, and why we are an excellent choice as your NFT tax accountants.
Make an Enquiry Find Out More
As the Managing Director of iWills Legal, I've had the privilege of collaborating with Greg and his team with mutual clients, on numerous occasions, and each interaction has surpassed all expectations in terms of hisproficiency and commitment to the outcome.
Teresa Catalano (Managing Principal) iWills Legal
Workforce International Group operates all over Australia. Valles Accountants, have provided us with strong strategic advice and support over many years. They have dealt with many complex issues and resolved them in a prompt and timely manner. Greg Valles and his team are a highly regarded and competent company.
Ray Roberts - CEO Workforce International Group & Workforce Marine Group
I have been with Greg Valles now for 8 years could not think of a better person to Trust and Talk regarding business and Life, he has become one of my personal friends that I lean on when needed. I can only say what I know.
Robert DiPierdomenico - Footy Legend, AFL Hall of Fame Inductee, Entrepreneur, and All-around Great Guy
Greg and his team are not only incredibly talented but have a strong sense of integrity and the ability to make their customers feel highly valued and understood. No problem or issue is too big or too hard when it comes to accounting!! I have had my company in Greg’s safe hands for many years and I would never go anywhere else!!
Claire Besley - CEO & Founder | Self Directed Healing Practitioner Trainer | Speaker | Executive Coach
I have known, worked with and been a client of Greg’s for some time. I have found his expertise in corporate structuring, tax and business strategy to be exceptional and in particular highly appreciate his team’s willingness and enthusiasm to collaborate with the other stakeholders of high-end clients to develop holistic business solutions.
Tom Ryan - Executive, Capital Markets & Funds Management
Cryptocurrency Tax Accountant – FAQs
NFTs, or non-fungible tokens, are a type of cryptocurrency that represents a unique asset. Unlike fungible tokens like Bitcoin or Ethereum, each NFT is unique and cannot be exchanged for another token.
NFTs have been used to represent everything from digital art and collectibles to in-game items and even real estate. Because they are stored on the blockchain, NFTs can be bought, sold, or traded like any other cryptocurrency.
The way that NFTs are taxed in Australia is highly dependent on individual circumstances and can be rather complicated.
Generally speaking, the sale of NFTs or any royalties or commissions made from the sale of NFTs, will generally be assessed as business income. However, if you close the business from which the initial sale was made, further income that you make from the original NFT sale is likely to be treated as personal income by the ATO.
As an investor in NFTs, you will be responsible for meeting NFT capital gain tax obligation. These obligations are dependent on which tax bracket you fall under. If you are a professional trader of NFTs, you will also be liable for all business income taxes that are related to the trade and sale of your NFTs.
The selling of an NFT incurs tax obligations that are treated as Capital Gains Tax assets. The exchange of NFTs for cryptocurrency or other NFTs is also seen as a taxable transaction. Gifting an NFT can also be seen as a taxable transaction unless the recipient is eligible to claim it as tax-deductible.
If you need help from a tax accountant in Brisbane regarding your NFT tax matters, Valles Accountants is here to help. Our Brisbane tax accountants are experts at all things NFT and ready to aid you in all your tax needs.
NFTs, or non-fungible tokens, have been all the rage lately. Celebrities and brands are using them to sell everything from digital art to virtual real estate, and investors are eager to get in on the action. But what about taxes? Are NFTs taxable in Australia?
The short answer is yes, NFTs are taxable in Australia. The Australian Taxation Office (ATO) has clarified that NFTs are considered property for tax purposes and therefore subject to capital gains tax (CGT).
However, there is some good news for NFT investors. The ATO has said that it will treat NFTs acquired for personal use (such as collecting digital art) as collectables, which means they will be exempt from CGT. This is in line with other collectables such as art, coins, and stamps.
If you are a creator of NFTs you are able to deduct any expenses directly related to the creation of NFTs.
So if you’re thinking of investing in, or creating NFTs, make sure you do your research and reach out to an experienced NFT tax accountant.
At Valles Accountants, we are expert NFT tax accountants in Brisbane and can help to ensure that you comply with all the relevant laws and regulations regarding taxes and NFTs.
Contact us
Reach Out to Valles Accountants Now!
We are experts in tax accounting in Australia. Contact Valles for tax accountants near you.
