With the financial year ending on June 30 in Australia, now is a good time to get your taxes in order. Below, I share some resources to help you understand crypto taxes in Australia and ways you can seek help.
Key Takeaways
- June 30 is fast approaching. It can be financially beneficial to understand your current tax position before making additional purchases and sales of cryptocurrencies.
- Barring some exceptions, the tax treatment of cryptocurrency in Australia has barely changed in recent years.
- What has changed—and for the better—is the quality of tools and services that can help you prepare your taxes and understand your current situation.
From my (unqualified) perspective and the tax accountants I’ve spoken with, the tax treatment of cryptocurrencies and NFTs has barely changed in Australia in the past 12 months—and, indeed, in the past few years.
Therefore, for anyone wanting an update on all things crypto tax in Australia, below I’ve reshared the 40-minute interview between Ben and Adrian Forza (Crypto Tax Australia) from last year. Essentially all of the information in this interview is still applicable.
Haven’t used Crypto Tax Australia before? Please note that, as a Collective Shift member, you are entitled to 15% off your first business with what is one of Australia’s most well-established and reputable accounting firms.
Over the years, Collective Shift has published a variety of tax-related content, such as the following:
I’ll also add that while the ATO does have material on crypto-asset investments, in my interview with Harrison in November, he advised against relying on it. Moreover, he strongly advised against relying on anything related to crypto tax in the ATO’s community forum.
While I’m happy to attempt to answer any questions below and point you in the right direction, please note that I am not a certified accountant or licensed financial adviser. If you have a question about what to do about your personal tax situation, I will very likely be unable to answer.