Australia’s Leading Crypto Accountants (2024)

FAQs

What is the best crypto tax calculator Australia? ›

What is the best crypto tax calculator? CoinLedger is the highest-rated Australian crypto tax calculator on the market — the platform is rated 4.8 stars on Trustpilot with more than 600 reviews!

Easily import your trades

Koinly can pull data automatically from Australian exchanges like Coinspot, Swyftx, Coinjar and Independent Reserve. DeFi, Margin trades & Futures. Whether you are staking on Kraken, lending on Nexo or going long on BitMEX. Koinly can handle it all.

Tax-loss harvesting has been popular among crypto investors because of a wash sale loophole. The IRS disallows a loss for other assets if investors buy a “substantially identical” asset within the 30-day window before or after the sale. The wash sale rule doesn't apply to crypto losses or gains for any asset.

If you're holding crypto, there's no immediate gain or loss, so the crypto is not taxed. Tax is only incurred when you sell the asset, and you subsequently receive either cash or units of another cryptocurrency: At this point, you have “realized” the gains, and you have a taxable event.

CoinSpot exchange. CoinSpot came on the scene in the Australian crypto market in 2013 and they have gathered momentum, growing their user base to more than 2.5 million users. CoinSpot's security is industry-leading, as the most externally audited exchange in Australia, and holding ISO 27001 certification.

Conclusion: Koinly wins!

While CoinTracking is a comparable portfolio tracker to Koinly, Koinly stands out as a crypto tax calculator with more integrations, better international support, and a more intuitive interface to make it easier than ever to calculate and report your crypto taxes.

Koinly states that it has over 98% accuracy in matching transfers between wallets and states that tax calculations are accurate and compliant with tax authorities.

Variable life insurance tax benefits are essentially an IRS loophole of section 7702 of the tax code. This allows you to put cash (after-tax money) into a policy that is invested in the stock market or bonds and grows tax-deferred.

Is crypto taxed if you lose money? ›

Yes, you can write off crypto losses on taxes even if you have no gains. If your total capital losses exceed your total capital gains, US taxpayers can deduct the difference as a loss on your tax return, up to $3,000 per year ($1,500 if married filing separately).

The wash sale rule prohibits sales of securities at a loss and reacquiring them within 30 days in order to prevent taxpayers from making "artificial" losses to lower tax liability. There is no crypto wash sale rule for US taxpayers, so crypto wash sales are technically legal.

There is no tax for simply holding crypto for US taxpayers. You will only report and pay taxes on crypto you've earned or which you purchased and later sold or exchanged for other crypto.

US taxpayers must report any profits or losses from trading cryptocurrency and any income earned from activities like mining or staking on tax return forms, such as Form 1040 or 8949. Not reporting can result in fines and penalties as high as $100,000 or more severe consequences, including up to five years in prison.

Some cryptocurrency exchanges do not report user transactions to the IRS, including: Decentralized crypto exchanges (DEXs) like Uniswap and SushiSwap. Some peer-to-peer (P2P) platforms. Exchanges based outside the US that do not have a reporting obligation under US tax law.

While both tools will get the job done, overall Koinly offers more for less, with more features available to users whether they're paying or not, alongside more integrations and better international support.