Shares & Funds cryptocurrency for tax

Discussion in 'Accounting & Tax' started by colgate_thomas, 25th May, 2020.

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  1. colgate_thomas

    colgate_thomas New Member

    Joined:
    4th May, 2020
    Posts:
    1
    Location:
    sydney
    hi all,
    Just a couple of questions in regards to filing crypto for tax purposes:

    1. do you recommend anyone in Sydney that can file this? I have all the data as I tracked my buys and sells via cointracker

    2. I have a tax agent that I've been going to, for the past few years. However, she is not familiar on how to file taxes for crypto. Is it possible to file my 'regular' taxes with her and file my crypto taxes with another agent?

    thanks,
    Thomas
     
  2. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    6,010
    Location:
    Australia
    What are crypto taxes and how is it different from a usual tax return?
     
  3. hammer

    hammer Well-Known Member

    Joined:
    26th Jul, 2010
    Posts:
    2,417
    Location:
    Darwin
    There's nothing special about crypto. It's treated by the ATO the same as any other asset.

    You should find your data from crypto tracker will easily be enough for any accountant to sort out for you.

    I called the ATO up a few years ago when I had all sorts of crypto gains and losses and they were very helpful.
     
    Terry_w likes this.
  4. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    15,124
    Location:
    Sydney
    The tax isssues will depend whether you were trading or used a buy and hold sale strategy. Ie Ordinary income & trading stock or is it a CGT asset ? Its part of the normal return and nothing that complex so I'm piuzzled why they could say they arent sure.

    It does come down to your records. The major error I find is clients who dont provide the right info eg AUD values are needed NOT USD. But if you have an annual USD profit / losss that could be OK depdning on its for the 30 June year end or not etc. And buying Bitcoin and selling it to buy Homercoin is two events - a buy and sell. The profit or loss on the sale of the bitcoin will be a factor. Each at the AUD value of the market value on that day.