Crypto and your Tax Return
Investing in Crypto currencies is becoming increasingly popular.
It's important to remember that the ATO closely monitors crypto activity by reviewing crypto exchanges and wallets, matching these records to your tax return.
We are regularly seeing clients ATO prefil reports which include a report that the client has dealings with crypto. In this case we believe if we lodge a tax return with no report of a capital gain event, the likelihood of an audit significantly increases.
We are now insisting that clients choose a tax calculator as part of their crypto dealings, here is the link for the current options that we have seen clients use:
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I have also attached a fact sheet that the ATO has recently published to assist with this:
ATO Crypto Fact Sheet
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