The crypto ecosystem is significantly growing and more investors are getting interested in the ecosystem. The Australian Tax Office has made significant scrutiny tactics for the investors. They want to make sure that the investors meet all the tax-related obligations. If you are an Australian crypto investor, check out the article to learn more about the crypto tax calculators in Australia.
Let us get started,
Crypto Tax Calculators: How to use them?
The usage of the crypto calculator has multiple benefits. There are multiple aspects required for the usage of crypto tax calculators. Here are some of the required information for the usage of crypto tax calculators:
- You should provide the total income for the year.
- Your original investment within the cryptocurrency.
- The price of the cryptocurrency while acquiring it.
- The value of the cryptocurrency after disposing of it.
- Fees that are directly linked to the acquisition and disposal.
If you are looking forward to the calculation of the tax bill for the years certain information is required. Check them out:
- The capital gains you have made after disposing of the cryptocurrency for more than 12 months.
- The capital gains you have made after disposing of the cryptocurrency you have held for less than 12 months.
After the information has been rightly provided you can have a check on the estimation of the tax liability.
Crypto Tax Software in Australia: Detailed Analysis
Are you excited to explore more about the crypto tax software? Check out the options below:
1. Crypto Tax Calculator
The Crypto Tax Calculator is an Australian-made and owned crypto tax solution. This crypto tax solution is perfect for businesses, traders, and investors. The software transforms complex blockchain data into CPA-approved tax reports. Crypto Tax Software is the official and global partner of MetaMask and Coinbase. The software supports more than 1000 exchanges, blockchain, and wallets. You can easily import the transactions from multiple local exchanges, DeFii platforms, and wallets. It is possible to add data from the blockchains, transforming it into an excellent option for on-chain activity. You can easily access the tax reports after the transaction data is imported.
Cost Details: Crypto Tax Calculator
- Rookie Plan: $39 per Year
- Hobbyist Plan: $129 per year
- Investor Plan: $249 per year
- Trader Plan: $399 per year
2. Syla
Syla is an innovative platform that provides AI-powered solutions for the management of crypto-related tax obligations. This Australian company is designed for the stringent ATO tax laws and the ease of Aussie customers. You can easily generate a tax report that will help you save your tax. Multiple factors contribute to the significance of Syla. It is a value-for-money option that remains within the budget. It is exclusively built for Australian tax and has advanced tax optimization. All the transactions and disposals are sorted using smart classification technology. The platform integrates more than 500 platforms. This includes major exchanges including Binance, Coinbase, and Swyftx. The platform supports more than 100,000 transactions.
Cost Details: Crypto Tax Calculator
- Budget Plan: $59 per year
- Assurance Plan: $149 per year
- Tax Saving Plan: $249 per year
- Private Wealth Plan: $389 per year
3. Koinly
The impressive platform is the online crypto tax service suitable for retail and regular investors. The software of Koinly connects the crypto portfolios and monitors their transactions. You can generate tax reports on each transaction. You can create accurate and prompt tax reports after generating the tax reports on transactions. The platform integrates more than 800 wallets and exchanges. This includes Australian-based platforms like Coinspot and Swftx. Koinly also supports NFT trading. Small investors can avail free trial version with the basic features of the platform.
Cost Details: Crypto Tax Calculator
- Free Plan: $0 per year
- Newbie Plan: $69 per year
- HOLDER Plan: $149 per year
- Trader Plan: $299 per year
4. BlockPit
Glassnode, the popular data hub and crypto analytics firm has developed this crypto portfolio tax and management platform. Traders can import, track, and manage their transactions. It is possible to generate tax reports during the tax season depending on the jurisdiction of the user. The minimalist and comprehensive platform has all the relevant crypto wallet information. They have a unique ‘ trading tax optimizer’ that helps with the harvesting of certain losses along with the reduction of the position based on the tax obligation. The platform actively supports NFTs and tax events within their ownership.
Cost Details: Crypto Tax Calculator
- Free Plan
- Lite Plan: €49 per year
- Basic Plan: €99 per year
- Pro Plan: €249 per year
Crypto Tax Tricks: Lowering the Cryptocurrency Tax
Multiple strategies help you lower the cryptocurrency taxes within Australia. Here are some of them:
- More than 12 Months Holding: If you hold your cryptocurrency for more than 12 months, you can qualify for a 50% long-term CGT discount on your tax liability.
- Losses and offset Gains: You can reduce your overall tax burden by offsetting capital gains with capital losses.
- Cryptocurrency Tax Tools: You can use cryptocurrency tax tools software like KoinX. You can also seek help from crypto tax specialists to ensure compliance and streamline calculations.
- Donations: You can donate your cryptocurrencies to registered charities. It is not a taxable event. You can also claim deductions on the donated amount.
- Complete Disclosure: You have to maintain transparency on your crypto transactions. Ensure you disclose all the crypto transactions to the ATO. This can void any potential penalties that could be imposed based on hiding trading activities.
Crypto Tax Calculators: Final Thoughts
The tax calculation software is an incredibly powerful tool for investors. It is specifically built for the crypto industry, hence it streamlines complex matters like liquidity mining, staking, and NFTs. You have to report your crypto transactions to the ATO, regardless of them being profit or loss.
The mentioned crypto tax calculators in Australia are multi-functional. Since cryptocurrencies are taxable properties in Australia, it is important to have a close check on the tax calculators. You should conduct your research on the options available before finalizing. This can help you make informed decisions.
