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True or False?

Cryptocurrency gains are tax free or only taxable when the holdings are cashed back into Australian dollars.

Answer: FALSE

ATO’s assistant commissioner Tim Loh said a big myth is that people think crypto is a currency, rather than an asset, which is how it is classified by the ATO.

But the ATO closely tracks where cryptocurrency interacts with the real world through data from banks, financial institutions and cryptocurrency exchanges, he revealed.

“We follow the money trail back to the taxpayer and we do that through the ATO which has data matching profiles with cryptocurrency exchanges and they provide that information to us and we use that information to cross match with people’s tax returns,”

“There isn’t a game of hide and seek. We have got that information and all we are asking people to do is follow the rules. We know most Australians follow the rules.”

Mr Loh explained that gains from cryptocurrency are similar to gains from other investments, such as shares.

Generally, as an investor, if you buy, sell, swap for fiat currency, or exchange one cryptocurrency for another, it will be subject to capital gains tax (CGT) and must be reported.

CGT also applies to the disposal of non-fungible tokens.

Read what our clients commented after we recently completed their crypto tax returns.

An Investor – Miss N Shannon
Neil was a lifesaver this year when doing my tax return. I was stressing as I had dabbled in cryptocurrency and didn’t have any idea how to declare this. Neil took over everything and did an amazing job. I will use him in future and would definitely recommend him for anyone else who may be involved in cryptocurrency!!! Five stars

A crypto Miner – Mr S Kelly

Neil is very efficient, professional and thorough – my tax return was complex and included work related expenses, allowances, deductions, a rental property, Australian and International shares, asset depreciation, crypto mining and trading. He was able to deliver a very comprehensive report and provide facts and advice in a way that I could understand. He is prompt to follow up on calls and emails and completed the job in an acceptable timeframe. I feel absolutely confident about the outcome of the work that he has put into my tax return and would highly recommend Neil to anybody looking to get the maximum return within the laws / rules, whatever their circumstances. I can sleep peacefully at night thanks to Neil’s extreme attention to detail as he was able to pick up on a lot of things that otherwise would have been a concern in the future.

Below are our prices. You can either get us to complete your full tax return or if you are only interested in a crypto profit and loss report, you can get that as well.





Tax Return including Crypto Profit/Loss  

(Added to the non-crypto  tax return fee)

Per tax return


Crypto Profit/Loss report only ( per tax year)

(present your report to your tax agent)




up to 200 transactions $199  $399
200 to 1 000 transactions $199 – $599 $699
1 000 to 5 000 transactions $599 – $899 $999
more than 5 000 transactions speak to us speak to us


Should you need help with your crypto tax return, please contact us via email

You can read more about cryptocurrencies and tax in our blog HERE.

Phone us in Melb (03) 9524 3145 or Perth (08) 6263 4466