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Clear Tax Accountants

Melbourne Cryptocurrency Accountants

Accounting for cryptocurrency does not need to be complex. When you work with our expert crypto accountants, you get qualified information with proven strategies to help you remain compliant.

At Clear Tax, our mission is to help our clients understand their crypto tax obligations. We work with beginners to experienced crypto traders to help them achieve better outcomes. As your local accountants specialising in cryptocurrency, this is all part of our unbeatable service. 

Personal use

If you’re someone who uses crypto for personal purchases as actual currency, then the accounting is fairly simple. You aren’t using it to make a profit, and you may not need to pay tax on transactions up to $10K.

Cryptocurrency investments

When you invest in crypto, you are only obliged to pay tax on the crypto you dispose of and the capital gain you’ve made. You may also be entitled to a 50% discount on CGT if you’ve held your crypto for 12 months.

Crypto trading

You can also be a cryptocurrency trader for tax purposes if trading crypto is your sole income or business. If this is the case, then your crypto gains are part of your assessable income and are taxed as such. You can also claim deductions on expenses generated by your crypto trading.

Clear Tax

Understanding Cryptocurrency Accounting

At Clear Tax, our business sales accountants can help you understand all the implications of investing in crypto. For example, in Australia, cryptocurrency investments are generally classed as property, and are therefore subject to Capital Gains Tax.

One of the most important things you need to do is keep records of your cryptocurrency deals. While this may seem counterintuitive for a type of currency that is secure and private, you still need to keep records to stay in the ATO’s good books.

Here’s how cryptocurrency accounting works in different situations:

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What Our Clients Say About Our Melbourne Cryptocurrency Accounting Services

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I have worked with Clear Tax Accountants in Richmond Melbourne for about one year. They have managed my returns, my Jobkeeper, my grants and all they have done very professionally and are a wonderful friendly group of friends. I recommend them if you’re considering an accounting firm.
Matthew Joscelyne
Australia House
Great job to all of your Clear Tax teams. As the name states its been a very clear advice and efficient. Always helpful to develop our business via free seminars. Great job guys.
Anand Shanmugam
Oporto South Morang
I have been dealing with Yuvraj for number of years. His personal, professional and prompt service is second to none, one of the many reasons i have referred her to my clients and friends. will continue to do so. Without a doubt, 5 star all the way.
Vanessa Le
Zon’x Group
Their services are dependable, quick, and reasonably priced. They keep me informed about new tax legisaltion that may affect my position and will assist me reduce the amount of tax I owe or maximise my refund. I’m certain that my taxes are being handled in the most efficient manner possible. Thank you very much!
Sankirth Sunil
Highly recommended clear tax accountant. Ash and Manish and the team are providing the best services in Melbourne, extremely helpful, knowledgeable and professional. They are very responsive and answer all your queries. Always happy with their work so thank you very much.
Jirada Ponpetch
Ash and Yuvraj are a great team. They genuinely care and help people. They are professional and friendly. No matter how busy they are, they will always get back to you. I have called Ash few times and he has always called back irrespective of the time, always chirpy even over the phone. I would highly recommend their team.
Gladys Rodrigues
Ash and the team at Clear Tax have been absolutely spot-on for me and my business. Thorough, informed, approachable and, above-all, affordable, their company provides an incredibly refreshing and forward-thinking alternative to the more ‘old-school’ accountancy firms. Thank you for helping me in an area of business I do not love!
Roman Singh
We are delighted with the service Ash and his team at Clear Tax Accountants has afforded us since we joined them. They are very forward thinking utilising new software apps and technology. Most importantly for us, they are always accessible to help and answer our queries, as well as taking the time to get to know more about our business, Government Grants and how it works – a rare thing!
Jacqueline Chatlin
Excellent Service & help with all aspects of my accounts. Working as a micro-business I have little time to spend on accounts and the team at Clear Tax Accountants have looked after me brilliantly from the very beginning. I feel I am in safe hands and they answer queries in a very straightforward manner so I understand everything in order to decide what to do best for my business. Delighted with Ash and Yuvraj. Thank you!
Amandeep Maan
Bit Expert
We are delighted with the service Ash and his team at Clear Tax Accountants has afforded us since we joined them. They are very forward thinking utilising new software apps and technology. Most importantly for us, they are always accessible to help and answer our queries, as well as taking the time to get to know more about our business, Government Grants and how it works – a rare thing!
Jacqueline Chatlin
Blaykley
Clear Tax Accountants

Choosing The Right Cryptocurrency Account Strategies

We work with crypto traders and owners to help them find better outcomes. We do this by always offering accurate advice about cryptocurrency accounting coupled with the highest regard for your interests.

We’ll only offer a course of action if it is legal and ethical. While cryptocurrency is exciting and potentially profitable, no amount of wealth is worth jeopardising your future.

Frequently Asked Questions

About Cryptocurrency Accounting
Below are answers to some of the most common cryptocurrency questions our crypto accountants get asked.
  • What crypto records should I keep?

    Cryptocurrency is appealing because it is difficult to trace. This does not mean that you should fail to record your crypto transactions. Here’s what you should keep in the way of records when buying and selling crypto:

    • Transaction receipts
    • Documentation with date and time of purchase
    • Details of purchase – how much in AUD, and what it was for
    • Records of commissions, fees, and legal costs
    • Exchange records from both parties

     

    It’s also wise to keep a copy of your digital wallet and keys to keep yourself safe and protected in the event of scams.

  • What is a crypto airdrop?

    Airdropping is a process whereby a cryptocurrency sends free coins to its users. Depending on the value of this airdrop, it may be required to be reported to the ATO. Always keep a record of any drops that you receive.

  • What is crypto staking?

    Staking in cryptocurrency is where you offer your crypto up to a blockchain network where it is used as proof for transactions. You can earn a small percentage thanks to your stake. This passive income must also be reported to the ATO.

  • Do I report cryptocurrency disposal?

    Disposal is any movement of cryptocurrency from yourself to another. You must report your crypto disposal no matter if you’ve made a profit or loss on it. You should report on every crypto disposal, especially in situations like:

    • Converting crypto to cash
    • Trading one coin for another
    • Trading, selling, or gifting to another
    • Transaction fees charged to you or by you

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