Cryptocurrency Specialists
If you’ve traded crypto through an Australian exchange or service provider, the ATO likely already has your data. Many people are surprised at how closely transactions are tracked. That’s why it’s vital to declare your holdings and gains correctly.
Do I need to pay tax on crypto?
Yes, in most cases. Crypto is treated like other assets such as shares or property. If you buy and sell crypto, you’ll usually be taxed as an investor under capital gains tax (CGT).
- Gains are taxed as capital gains
- Hold more than 12 months and you may qualify for a 50% CGT discount
- Losses can’t offset normal income but can reduce future gains
Example: Buy 1 Bitcoin at $20,000 and sell at $40,000—you’ve made a $20,000 gain, which is taxable.
How much tax will I pay?
It depends on your income and structure. If your wallet is in your personal name, gains are added to your income and taxed at your marginal rate.
Example: A salary of $80,000 = 32.5% marginal tax rate (2023 rates)
How do I calculate crypto tax?
Tracking trades manually is possible but time-consuming. Tools like Koinly or CryptoTaxCalculator can connect to your exchange or upload files to generate tax reports.
In summary
Crypto is a major ATO focus and the rules are complex. We’ll give you clear, practical advice so you get it right before tax time.
📞 Ready to get started? Call us on (07) 5409 2300 or enquire online today.
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