Tips for Navigating Crypto Tax Time in Australia

We've partnered with the experts at Summ, formerly Crypto Tax Calculator, to help bring you these crypto tax tips. As part of the collaboration, they're offering 30% off your first year plan for new users, so you can do your crypto taxes in just a few clicks.

Understanding Crypto Taxation in Australia

In Australia, cryptocurrency is treated as property for tax purposes. This means:

• Selling crypto for AUD is a taxable event

• Swapping one crypto for another is a taxable event

• Using crypto to purchase goods or services is a taxable event

• Receiving crypto as income (airdrops, staking rewards, etc.) is taxable as ordinary income

Key Tips for Tax Time

1. **Keep detailed records** - Track every transaction, including dates, amounts, and values in AUD

1. **Use crypto tax software** - Tools like Summ can automatically import and calculate your tax obligations

1. **Consider the CGT discount** - If you've held an asset for more than 12 months, you may be eligible for a 50% CGT discount

1. **Don't forget DeFi activities** - Yield farming, liquidity provision, and lending all have tax implications

1. **Consult a professional** - Complex situations warrant professional advice

Get Started with Summ

Block Gainer integrates seamlessly with Summ, making it easy to import your transaction history and generate ATO-compliant reports.