Free Crypto Tax Calculator - Australia

The Australian Taxation Office (ATO) regards cryptocurrency as both property, which is subject to Capital Gains Tax (CGT), and income, which is subject to Income Tax. CGT applies when you sell, trade, gift, or make purchases using cryptocurrency. On the other hand, Income Tax applies when you receive cryptocurrency as payment for services, work, mining, staking, or other activities. To simplify tax calculations, consider using a free crypto tax calculator for Australia.

The distinction between long-term and short-term capital gains lies in the duration of ownership. When you own an asset, such as cryptocurrency, for more than 12 months, any gains from its sale are categorised as long-term. These long-term gains often receive a 50% discount on the capital gains tax (CGT). In contrast, if you hold the asset for 12 months or less, the gains are considered short-term, and they are taxed at your regular income tax rate.

Yes, according to the ATO, when you trade one cryptocurrency for another, like NFTs, stablecoins, or tokens, it's seen as selling one asset to buy another, and any profit you make from this exchange is subject to Capital Gains Tax. To compute taxes for crypto-to-crypto transactions, you must determine the fair market value of your coins in AUD at both the acquisition and disposal times. However, this can be challenging because many exchanges use cryptocurrency as the standard for valuation.

Explore KoinX for a streamlined experience in calculating your cryptocurrency taxes. Our historical price engine swiftly delivers the fair market value of your crypto holdings at the time of each transaction, making tax assessment hassle-free.

Here are the top 6 strategies for lowering your cryptocurrency taxes in Australia:

The Australian Taxation Office (ATO) possesses strong tracking capabilities for cryptocurrency transactions. Since 2014, they've been gathering data on crypto activities, including KYC info from exchanges and wallets. The ATO's data matching program, active since 2019, lets them access data from service providers like Binance and CoinJar, covering personal details and transaction specifics. Since 2020, the ATO has been notifying Australian crypto investors to report holdings to avoid penalties.

KoinX is a crypto tax platform that makes it easy to calculate tax on crypto transactions. It also provides portfolio insights of all crypto exchange accounts combined, making it a valuable tool for chartered accountants and VDA Investors alike.

In Australia, when your cryptocurrency loses value, it's classified as a capital loss. This means you won't have to pay taxes on that loss. It's a way to offset any gains you might have made in other investments for tax purposes.

KoinX provides a reliable crypto tax calculator that can assist you in determining your tax obligations for cryptocurrency transactions. This tool accurately tracks your portfolio on your preferred exchange and computes your gains or losses based on the crypto amounts and prices involved.

Transferring cryptocurrency from one wallet to another that you own in Australia is not subject to tax, as it is not recognised as a taxable event, and capital gains tax is not triggered. Nevertheless, it's essential to keep detailed records of these transfers, particularly if you are utilising automated crypto tax software like KoinX. KoinX, as a reliable crypto tax software, can streamline the process, making it easier to maintain accurate and efficient tax records and reporting while ensuring compliance with Australian tax regulations.

In order to use a crypto tax Australia calculator, you need to input information about your cryptocurrency transactions.

After you enter your information, the cryptocurrency tax calculator will calculate the gain or loss on every transaction.

This includes:

You will get results that mention the following:

To calculate your crypto tax in Australia accurately, you need to consider both income tax and capital gains tax.

In Australia, when an individual (investor) sells, trades, spends, earns (salary, mining, interest) or gifts cryptocurrency, the net capital gain is taxed at the same rate as their Income Tax. This tax rate is determined based on their total income for the tax year.:

Calculate your capital gains or losses on cryptocurrency transactions using this formula:

Your tax rate depends on whether you held the cryptocurrency for more than 12 months (long-term) or less (short-term). Long-term gains receive a 50% discount

Calculate your Australian crypto taxes accurately and effortlessly with KoinX's free crypto tax calculator for Australia. It simplifies the process, ensuring compliance with the latest tax rates and regulations making crypto tax calculations easy and precise