Your investments are in good hands
With the general adoption of Cryptocurrencies around the corner, now is the best time to be ahead of the heard in terms of accurately reporting gains/losses
Assistance, anytime
Maximum refund guarantee
Phone appointments
Returns via Email available
1. Keep Records of purchases and sales via spreadsheet or tracking software
If you need a spreadsheet to record all activity made in the crypto space, please do not hesitate to ask us for one.
I would like to think spreadsheets are a thing of the past! Scanning the web for tracking software such as CoinTracking & Changelly can be a lifesaver!
Apps such as Blockfolio can be a useful way to record all cost base and actively manage the
value of your holdings also.
2. Ensure your records are easily accessible
Help us help you! Bring along relevant records to your appointment (or send via email prior to appointment). Having these documents at your appointment will allow us to accurately report on your Capital Gains or Losses. Important records to bring along to your appointment include a Digital CSV File of all exchanges you are active on (i.e Coinspot, Polonex, Binance, FTX etc) and your End of Year statements from your exchanges. Leave the rest to us!
3. Am I an Investor or a Trader?
An investor may be someone who buys with the intention to hold and see long-term growth from their “investments”. The ideal scenario is an investor who has held an investment for 12 months, upon selling this investment for a gain, the investor is eligible for a 50% discount on any Capital Gains made. A trader as described by the ATO is someone who has regular & repetitive activity in the space of ‘trading’. A trader is termed to be carrying on business like activity that is directed at making a profit. With the help from your Tax Agent/Accountant you will be able to determine which option is best suited for you.
4. NFT Purchases
For 98% of NFT purchases, you need to use some form of cryptocurrency such as ETH, SOL or WAX by virtue of buying cryptocurrency, and holding it for a short period of time, you’re going to have a fluctuation in valuation of that cryptocurrency and then when you use that crypto to purchase an NFT!