Crypto Investments and Tax
As specialist crypto accountants on the Gold Coast, we know our stuff when it comes to cryptocurrency. The use and investment into Cryptocurrency has increased over the years and will only continue to grow.
What is Cryptocurrency?
Cryptocurrency is a digital or virtual currency that uses cryptography for security, not backed by any government or central bank. Cryptocurrencies operate on a technology called blockchain, which is a decentralised and distributed digital ledger that records transactions across many computer systems that allow for secure online payments and store of value. The most well-known cryptocurrency is Bitcoin, but there are many others, such as Ethereum, Litecoin, and Monero.
The ATO is watching Cryptocurrency
The ATO has put crypto holders on notice, stating crypto, DeFi and NFT trading activities are in the ATO’s crosshairs. If you’ve traded any crypto over the past financial year, it can be daunting trying to get all your transactions in one place.
The ATO has its eye on the prize when it comes to crypto investing. They’re spending a lot of time tracking and making sure correct declarations are made. With New Wave accounting for cryptocurrency on your side you don’t need to be concerned if the ATO looks over your crypto portfolio.
New Wave has the Crypto Know-How
We’re a forward thinking firm with well-versed cryptocurrency accountants. Given how new cryptocurrency is, we have a sound knowledge considering how much the space is still evolving and will continue to do so for the foreseeable future.
A lot of cryptocurrency tax agents out there are still learning how the crypto environment works in terms of what needs to be done, how to be compliant and what to declare to the ATO.
New Wave crypto tax accountants are streets ahead in how cryptocurrency works. We use the best software for tax calculations, and we have a long list of happy clients we have helped manage their crypto investments.
We can tell you in simple terms what needs to be declared and what transactions you may have outstanding. Most accountants have dealt with crypto by now, but the question is, do they know how to deal with it correctly?
We pride ourselves in staying up to date with the new as well as existing rules coming out of the ATO when it comes to the crypto landscape. We have the knowledge and advanced software required to make sure all reporting and data collection is up to date.
New Wave can assist you with:
- Setting up foundations and software to ensure that you are compliant
- Preparing your end of your year returns including the important calculation of the sale/trade of cryptocurrency
- Provide you with tax saving strategies and advice to reduce the implications of tax paid.