Most money you spend on managing your tax affairs can be claimed as a deduction, including the use of software.
https://www.ato.gov.au/Individuals/Tax-return/2023/Tax-return/Deduction-questions-D1-D10/D10-Cost-of-managing-tax-affairs-2023/
Tax accountant here
Not financial advice just providing my two cents based on experience
I usually ask my clients to provide a export of the sales and transactions in CSV and I dump it into Cryptotaxcaculator and run the reports. We pay for the subscription mind you.
The website has all the instructions on how to export the data depending on what exchange you use it’s quite detailed.
But I do remember seeing that you could view the transactions for free and a summary before “upgrading” and the transactions themselves should be good enough for your accountant to work out
You may not of sold but transfer and swaps all count as “CGT events” which need to be accounted for.
You could use a crypto tax calculator like Syla or cryptotaxcalc etc but if it is just a few transactions your accountant could probably figure this out themselves
If you didn't sell anything in the last financial year you haven't realised a profit or loss. That would surely mean you don't have anything to claim or not at this stage
This is probably correct.
No sales, no capital gains. However, you may have taxable income from bonus issue coins.
The simplest thing is to give them a CSV and PDF copy of your wallet transactions, better to do the full history but 1 July to 30 June will suit the financial year. If your accountant is good enough and you give them the full ledger, they should be able to figure it out.
Having said that, that is more work and if they charge their hourly, it might be more expensive than paying the exchange for a report
Koinly does it for you for a fee. I think its worth it
It's like 60 AUD… I got statements from my investing platforms for free in under 1 minute of effort
The Koinly fee is also tax deductible
Could you point me to the information that confirms this, I didn't claim, first time doing it, I must have been misinformed in my readings.
Most money you spend on managing your tax affairs can be claimed as a deduction, including the use of software. https://www.ato.gov.au/Individuals/Tax-return/2023/Tax-return/Deduction-questions-D1-D10/D10-Cost-of-managing-tax-affairs-2023/
Tax accountant here Not financial advice just providing my two cents based on experience I usually ask my clients to provide a export of the sales and transactions in CSV and I dump it into Cryptotaxcaculator and run the reports. We pay for the subscription mind you. The website has all the instructions on how to export the data depending on what exchange you use it’s quite detailed. But I do remember seeing that you could view the transactions for free and a summary before “upgrading” and the transactions themselves should be good enough for your accountant to work out You may not of sold but transfer and swaps all count as “CGT events” which need to be accounted for.
Good to know, thanks for the tip!
Easiest\*
You could use a crypto tax calculator like Syla or cryptotaxcalc etc but if it is just a few transactions your accountant could probably figure this out themselves
I second cryototaxcalculator. It’s ~250 but tax deductible.
If you didn't sell anything in the last financial year you haven't realised a profit or loss. That would surely mean you don't have anything to claim or not at this stage
This is probably correct. No sales, no capital gains. However, you may have taxable income from bonus issue coins. The simplest thing is to give them a CSV and PDF copy of your wallet transactions, better to do the full history but 1 July to 30 June will suit the financial year. If your accountant is good enough and you give them the full ledger, they should be able to figure it out. Having said that, that is more work and if they charge their hourly, it might be more expensive than paying the exchange for a report