Rental Property Schedule
A guide for property owners on what they will need to gather and total for their tax appointment to ensure they’re claiming all expenses for their rental property.
Crypto Currency Information
What is a Crypto Gain?
A Crypto capital gain event takes place when you make a disposal of your cryptocurrency this occurs when you sell or trade your crypto.
You must pay tax on the difference between your sale price and your purchase price, this is called a capital gain and is required to be reported to the ATO in Australian dollars.
The ATO has stated that cryptocurrency is under their microscope and have and will be continuing to contact taxpayers to ensure their Crypto capital gains are being reported correctly and the appropriate taxes have been paid.
You can calculate your gains manually by calculating your buys and sells and converting them to AUD or using a Crypto Tax Calculator.
Crypto Tax Calculators
To keep things simple, save time and keep your accounting fees low we suggest that you sign up to a Crypto tax calculator such as Koinly or Crypto Tax Calculator.
If you choose to use a calculator, you can find detailed instructions on how to extract your data from your exchange provider into the tax calculator such as syncing your wallets via read only API or uploading a CSV file.
Calculating your gain using Koinly
We have provided steps to create a Koinly account and syncing your wallet data below.
This method is free and only recommended if you have not held any of your cryptocurrencies for longer than a year. In the instance that you have held your currencies for longer than a year we strongly suggest you purchase the required reports to ensure you do not pay more tax than is required, these additional reports are also available through Koinly.
Koinly – Connecting your wallet and syncing
Sign up
Connect your wallet(s)
Select “Wallet” from the top ribbon
Select “Add wallet / exchange”
Select “Set up auto – sync” and connect your wallet
Allow time for sync to complete
Once the sync has been completed
Select “Tax Reports” from the top ribbon
Select the applicable financial year
Send us a screenshot of the entire screen
Useful links