If you live and work in Australia, there are different ways you can lodge your cryptocurrency tax return. If you don’t know where or how to get started, then this article has got you covered. Since cryptocurrency and its associated assets are relatively still new, it is important to work with tax professionals with relevant experience and expertise to help you on this subject matter.
Here, we have simplified the process of lodging your cryptocurrency tax return so that even those that are not internet-savvy or cryptocurrency enthusiasts will be able to follow through.
You have three options of lodging your tax return once you have collected all the relevant information that you need to carry out the exercise
Option #1: Manual lodging
Manual lodging of cryptocurrency tax returns immediately comes to mind when you are not internet-savvy. It may be time-consuming and difficult to follow through but it serves the purpose when you intend to lodge the taxes by yourself. It is also usually time-consuming to track each of the cryptocurrency that you have interest in at a time.
Option #2: Use crypto tax software
Aside from manually lodging your cryptocurrency tax return, you might also decide to use crypto tax software to help you automate the process, from the start to finish. Using a crypto tax software involves integrating your full transaction history from cryptocurrency exchanges like Coinbase and Binance within seconds. Once you have successfully automated the process, the software will then let you generate your losses, gains and income reports in terms of AUD.
Option #3: Tax software and accountant
Instead of the two options above, if you are not an expert or you’re not familiar with all the terms associated with lodging a cryptocurrency tax return, your best bet is to hire an accountant or a tax expert to help you handle the processes. You can contact us at Elite Tax Success to help you lodge your cryptocurrency tax returns. You are guaranteed that your personal and financial details will not leak into the hands of third-party actors.