Reporting: Cryptocurrencies 🪙₿

With the rapid growth of digital assets worldwide, many taxpayers including our clients are now actively involved in cryptocurrency trading. As participation continues to rise, it is essential to understand how these transactions are treated for tax purposes, particularly when calculating profits/losses and/or capital gains/losses.

In the current market environment, where prices remain highly volatile and subject to sharp fluctuations, retail investor (taxpayer) activity has increased significantly. As a result, many individuals may have realised profits or losses during the financial year, making accurate reporting and correct tax treatment more important than ever.

To support this obligation, we have prepared this article to help you gather the correct documents for tax purposes.

Your cryptocurrency transaction history is essential for your accountant to accurately assess and report your trading/investment activity to the ATO. While certain capital gains or losses may be disregarded in specific circumstances, you should always seek advice from your accountant before excluding any transactions.

To make this process easier, we have provided step-by-step instructions on how to download transaction reports from specific platforms. Please select the platform you used for your trading activities: https://drive.google.com/open?id=1pe9cf6MrGEULYcqOihoiNmLoKxrmPmry&usp=drive_fs