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.