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for Crypto Disposals

The Australian Taxation Office (ATO) treats cryptocurrency as a “capital gains tax (CGT) asset.” Consequently, you are required to report all transactions on your tax return for each instance of trading, selling, or using crypto. Let our expert tax professionals guide you through the taxation of crypto disposals.
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GM Egan|Crypto Disposals

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Let Us Help You Understand the Tax Implications of Disposal of Cryptocurrency in Australia

Crypto disposal refers to selling, trading, gifting, or otherwise transferring ownership of digital assets. It can trigger tax implications, including CGT or deductions for losses. Understanding how to report capital gains and settle the tax on the sale of cryptocurrency or claim crypto losses on taxes in Australia is a must. Also, maintaining proper documentation is needed to avoid errors when filing necessary tax returns.
GM Egan|Crypto Disposals

Guidance on Tax Implications of Crypto Disposals

Disposing of cryptocurrency that you’ve held as an investment can lead to CGT liabilities. But if you’re engaged in trading crypto assets, any profits generated from such disposals are classified as business income and taxed accordingly. We’re here to deliver tailored tax advice no matter how you dispose of your cryptocurrency assets.
GM Egan|Crypto Disposals

Calculation of capital gains or losses

When you dispose of your crypto assets, you must report any capital gain or loss in your tax return for that year. Our tax accountants can calculate these numbers on your behalf, ensuring accuracy and compliance with ATO regulations.
GM Egan|Crypto Disposals

Preparation and filing of tax returns

A crypto disposal can lead to a capital gain or a capital loss. You must report the net capital gain on your tax return for the year the crypto assets were disposed of. Even if you incurred a loss, it’s important to report it on your tax return. In fact, doing so can be beneficial for you. Reporting your losses is an effective strategy to lower your crypto taxes, as you may qualify to claim a capital loss on your tax return. Let us help prepare and file your tax returns to ensure all crypto disposals for the year are correctly reported.
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Why Choose G.M. Egan & Co. for Taxation on Crypto Disposals?

When you partner with G.M. Egan & Co. for the disposal of cryptocurrency, you will benefit from the following advantages:
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Local Expertise

We understand the nuances of Australian tax laws regarding cryptocurrency, helping you comply with ATO regulations for crypto losing value or profitable disposals.
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Personalised Solutions

Your crypto portfolio is unique, and so is our approach. Whether you need to pay for Capital Gains Tax on cryptocurrency in Australia or claim crypto losses on taxes, we deliver advice tailored to your situation.

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Proactive Tax Planning

Our proactive strategies ensure you’re not only meeting tax obligations but also maximising opportunities to optimise your financial outcomes.

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Technology-Driven Accuracy

We leverage advanced tools to streamline your cryptocurrency transaction tracking, documentation, and reporting, making your crypto disposal process efficient and error-free.

Take the Stress Out of Taxation on Crypto Disposal

The ATO requires accurate reporting of all cryptocurrency transactions. G.M. Egan & Co. ensures your records are in order, covering all aspects of the disposal of cryptocurrency, from CGT calculations to deductions for assets that have lost value.

Contact us today to schedule a consultation to discuss how we can exactly help you.

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