A few of the crypto coins we offer tax and accounting service!
Our Trusted Approach To Accounting For Crypto
Unlike other crypto accountants, we don’t settle with offering just accounting services.
Most crypto tax agents are a conservative bunch, advocating for outdated tax strategies that don't work in changing times. Whether you're algo-trading, staking or prefer to HODL, our crypto tax accountants will ensure you're maximising your tax advantage.
Accountable and accessible, we're with you every step of the way. Located in Melbourne, with offices in Bentleigh and Bentleigh East we're always ready to help.
Day Trader Package
Understanding Cryptocurrency Tax Legislation
If you receive cryptocurrency as payment for goods or services you provide as part of your business, you will need to record the value (in Australian dollars) of all cryptocurrency proceeds as part of your ordinary income.
This is the same process as receiving non-cash payment under a barter transaction. The value in Australian dollars represents the fair market value of the cryptocurrency proceeds.
If you purchase inventory or pay suppliers using cryptocurrency, you are entitled to a deduction.
This area of tax legislation is particularly complicated.
However if you hold cryptocurrency as an individual with the purpose of using cryptocurrency for your own consumption as opposed to investing or trading for profit, you will not be subject to income tax for any increase on the value of the cryptocurrency.
If you're unsure about the tax status of your cryptocurrency holdings, it is important to engage accountants who specalise in cryptocurrency and taxation to help you stay on top of your tax obligations.
Whether you're trading Ripple or Polygon (or any other crypto for that matter!), properly reporting your trading profits is an important step towards meeting your obligations to the ATO.
We can help you minimise the tax liability associated with capital gains, and ensure you get every credit you're entitled to if you have incurred capital losses (crypto markets are wild!).
Our accountants can help you understand the tax nuances between a trader and investor, ensuring you get more back from your tax.
If you are mining cryptocurrencies with the expectation of earning a profit, any income should be included as part of your assessable income. This is on the basis that the ATO considers you to be carrying on as a business.
As a business you are entitled to a scope of deductions that you might otherwise miss out on. By parterning with an experienced cryptocurrency accountant you can rest assured you get every credit you're entitled to.
If you are buying and holding (or HODLing!) cryptocurrencies with the goal of building wealth over an extended period of time, as part of a broader portfolio of investements, then the ATO may regard you as an investor.
Although both investors and traders are seeking profits through market participation, investors usually seek returns through 'buy and hold' strategies, rarely entering and exiting new positions, whilst traders opt for more active management of their holdings.
We Speak Like Accountants. We Think Like Accountants. We Don't Charge Like Accountants.
30 Years Of Experience
No question is a silly question. Ask away without the fear of being pinged with extra charges. You can call and email our accountants as often as you like.
We want you to soar, so we try to answer your questions before you need to think of them.
No Offshore Call Centres. No Back Office.
No Junior Accountants
Tax can be a tricky business, and cutting corners doesn’t sit right with us. With Tax Window you get your senior dedicated accountant to focus on your tax matters.
Your situation could be complicated, but we explain and simply to provide understandable solutions that work for you.