Australian Tax Guide to Cryptocurrency

Investing in cryptocurrency? At H&R Block we want to help you prepare 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. 

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.

Benefits of using a Cryptocurrency Tax Agent

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. Our expert tax agents have been trained with the latest cryptocurrency knowledge and have access to CryptoTaxCalculator tools to consolidate all your transactions, across multiple wallets.

Key reasons why you should consider using a tax agent:

  • Maximise your tax return – a key part of our tax agent’s role is to ensure you claim every deduction you’re entitled and provide tailored crypto tax advice.

  • Avoid penalties or audits – The ATO has warned that tax evaders will be tracked and penalised. Making sure you fulfil your tax obligations now will help avoid audits down the line.

  • Reduce time & stress – The way cryptocurrency is taxed is constantly evolving and may be difficult to keep up with for an average crypto buyer. Submitting your tax return with an tax agent can reduce this stress and give you more time back to do more of what you love.

  • It’s tax-deductible – Best of all, the cost of doing your tax return with a tax agent is a tax deductible expense for the following year.

On top of all this, our partnership with CryptoTaxCalculator also means that CryptoTaxCalculator Tax Reports are included with your H&R Block tax preparation fee through your local office.

So let us do the heavy lifting when it comes to calculating the capital gains tax and realising any losses for the tax year.
Rest assured we will have your back and are here to get you your Maximum Tax Refund - Guaranteed!

What H&R Block & CryptoTaxCalculator's partnership means for you

H&R Block has 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. This applies for both in office and phone appointment.

  • For Online Tax Express clients, who use H&R Block software to prepare their tax return, CryptoTaxCalculator can be accessed at a 50% discount to their regular fee. Click here for details.

Want to speak with a tax expert?

Book an appointment today and let us help you minimise your capital gains tax and realise any losses from cryptocurrency. For more detailed information please speak to one of our experienced tax consultants.

Want to speak with a tax expert?
<p>Maximum refund guarantee</p>

Maximum refund guarantee

It is rare that we don’t perfect our paperwork. But if you find you are entitled to a larger return, we will refund your preparation fee and file an amendment with the Australian Tax Office
<p>Assistance, anytime</p>

Assistance, anytime

During stressful tax times, we work outside business hours on nights and weekends. We make sure we have extra time for you, so you can make time for your tax return
<p>Upfront guaranteed pricing</p>

Upfront guaranteed pricing

Before preparing your return, we'll tell you how much it's going to cost and the best part is, our fees are tax deductible
<p>Satisfaction guarantee</p>

Satisfaction guarantee

At H&R Block we will help you lodge your tax return and claim your maximum tax refund with maximum confidence