Cryptocurrency Tax Returns

Home » Accounting » Cryptocurrency Tax Returns

Declaring Cryptocurrency to the ATO

 

The ATO have announced they are strictly targeting crypto traders to check their compliance with the tax standards. It is now more than ever, crucial to be aware of your responsibilities and know the consequences of getting it wrong.

​Whilst the anonymity of the crypto world is largely unregulated, tax obligations are still mandatory. The ATO are able to track where the online world intersects with the real world, through assessing your digital movements in banks and other financial institutions.

If you have traded crypto in the 2020-21 financial year, the ATO wants to know about it. If you are unsure on how to accurately declare this on your return, give the professionals at Greenhalgh Pickard a call today.

What is Capital Gains Tax (CGT)?

 

Capital Gains Tax (CGT) applies to income earned when disposing of cryptocurrency through selling, trading, exchanging, converting to fiat currency or using crypto to purchase goods and services. However, the taxable amount differs based on the purpose you use cryptocurrency for. 

Whether you engage in crypto as a personal asset, or use it within your daily business trading, the tax payable differs. There are various types of transactions and purposes within crypto trading and we can  help differentiate your circumstances. 

If you are unsure how to correctly declare your cryptocurrency, chat to the team today for simple and easy to understand advice. Don’t risk tax evasion penalties for failing to accurately declare your income. 

Prices start from $55.00 p/hr. and vary depending on your crypto involvement. Give us a call for a quote or to answer any of your tax and cryptocurrency questions. 

 

Debt Recovery of Loans Between Family Members
Debt Recovery of Loans Between Family Members

Lending money to a loved one usually feels like the right thing to do... but it's a decision that can strain even the strongest relationships. This article aims to help you navigate this tricky situation. We'll cover the importance of having a clear...

Voluntary Conservation Covenants
Voluntary Conservation Covenants

  We are fortunate to live in an ecologically significant region, boasting three back-to-back UNESCO Biosphere Reserves. The biospheres stretch from the edges of the Sunshine Coast, through Noosa, up to K’gari and the Fraser Coast, a region of...

Celebrating 21 Years Greenhalgh Pickard!
Celebrating 21 Years Greenhalgh Pickard!

GP turns 21! Let's reflect... Over the past 21 years, Greenhalgh Pickard has undergone remarkable transformations, navigating through dynamic market landscapes, technological advancements, and evolving client needs. Yet, amidst these changes, our...

Contact Your Nearest Office

If you are interested in meeting with an accountant or lawyer regarding your business or commercial interests, please fill out the form to book an appointment or call (07) 5444 1022