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Australian Tax Guide to Cryptocurrency

Investing in cryptocurrency? At H&R Block we want to help you be prepared and understand how cryptocurrency investments are taxed, so you can avoid any possible penalties, issues or audits down the line. Find all the answers you need to get you started in our free Australian tax guide to cryptocurrency below.
Australian Tax Guide to Cryptocurrency

In this guide you'll find:

  • What happens if I make a loss?
  • Sell or Swap: Does this give rise to a tax charge?
  • Timing sales to be more tax effective
  • What is the 'personal use' exception?
  • Trading Cryptocurrency
  • Mining Cryptocurrency
  • Record Keeping
  • GST and cryptocurrency
  • Will the ATO find out about my cryptocurrency dealings?

Download the Australian Tax Guide to Cryptocurrency

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Cryptocurrency Investor Tax Obligations

Cryptocurrencies, including Bitcoin, Ethereum and Cardano just to name a few, have been the top retail investment trend of recent years. And this boom has opened the door to substantial gains (and losses) for investors over short periods of time.

Many investors are now grappling with the complexities of cryptocurrency and its tax obligations. Common questions include: Which currencies to trade? Which exchanges to use? How to profit from buy/sell/swap transactions? And how to use it as a payment currency? What records do you need to keep?

Most importantly: What are the tax implications of cryptocurrency gains and losses? This is often poorly understood by most people, partly because the effects may not be felt until long after the trade date. Contrary to what some might believe, the anonymity of cryptocurrencies in the anonymous digital world, does not translate to the license to ignore tax obligations. The ATO has warned that data from banks, financial institutions and online exchanges can, and will be tracked back.

There’s a lot to consider, so to help you get started we’ve put together this introductory guide to tax and cryptocurrency. With 50+ years of Australian tax expertise, we’re the right people to help you with your cryptocurrency and tax questions.

It’s a must-read for all cryptocurrency traders and investors. Download the guide today.

  • H&R Block uses CryptoTaxCalculator to consolidate all your transactions, across multiple wallets, to calculate the capital gains and losses for the tax year.
  • CryptoTaxCalculator Tax Reports are included with your H&R Block tax preparation fee through your local office.

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As Australia's leading tax preparation experts, we keep on top of every single tax concession affecting investments like yours - so you can relax, knowing your tax is in safe hands. For more detailed information please speak to one of our experienced tax consultants.
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