Cryptocurrency and Tax
YBS Podcast on Spotify
Over the past few years, Australia has seen an extraordinary growth in cryptocurrencies and the Blockchain ecosystem.
For Australian cryptocurrency investors, traders, and miners, we prepare and file tax returns every day.
Do you need to amend an older tax return because you failed to declare your crypto?
Are you a Self-Managed Superannuation Fund (SMSF) with crypto and need your tax return prepared?
Do you mine, stake, or use cryptocurrencies for business purposes?
Depending on your circumstances, your tax obligations may differ:
- Capital gains and losses
- The capital gain discounts are available to individual crypto investors if they hold their assets longer than 12 months.
- Investment gains and losses
- Trading only occasionally without holding each crypto asset for 12 months or more is not eligible for discounts or offsets.
- Business trading
- Depending on whether your trading activities meet the 'business tests', you may be eligible for business offsets on profits
We at Tailored Accounting Solutions can provide you with solutions to help you minimize the amount of tax that you owe each year, especially if you make a considerable amount of money through wise cryptocurrency trading.
To find out how our Tailored Accounting Solutions team can assist you, contact our office today on 03 9728 1448.
We are here for you.
We offer Accounting, Taxation And Bookkeeping Services for our clients in Melbourne's Outer Eastern Suburbs. With a wealth of experience, and depth of knowledge, across a wide range of sectors, TAS will work with you to determine the best path forward for your business.