Crypto and Tax – Avoid Crypto Tax Headaches

Crypto assets tend to be one of those polarising topics that people either love or hate. Since January 2022 crypto has suffered a major crash with its flagship asset Bitcoin suffering prices drops from $67,000 USD in November 2021 to currently sitting just over $19,000 USD per Bitcoin. You may still be holding or if you have sold or exchanged crypto for other currencies you will have tax obligations.

If you have already invested in crypto assets or are thinking about it, you should seriously consider how you record your transactions and manage the documentation, so you are not left in a mess come tax time.

At CoggerGurry we recommend CryptoTaxCalculator software and can help you set up a file to track and manage your crypto assets. The ATO is now data-matching on some crypto assets and you risk being put under the ATO microscope if you do not include your gains or losses from these assets.

Come talk to us today to avoid the tax headache later.

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