Get an estimate of your tax bill with our free Bitcoin and crypto tax calculator built for Australian investors.
To use our Bitcoin/crypto tax calculator, you’ll need to provide your total income for the year as well as the following information for your individual trades.
If you're looking to calculate your tax bill for the year, you'll need the following information.
Once you've entered your information, we'll estimate your tax liability!
Trying to keep track of the information you need to file your taxes can be difficult if you’re using multiple wallets and exchanges. If you’ve transferred your crypto, you may not know how much you originally paid to acquire it.
CoinLedger can help. The platform can automatically connect with hundreds of exchanges like CoinSpot and blockchains like Ethereum. You’ll be able to import your transactions and generate a comprehensive tax report in minutes.
More than 300,000 crypto investors use CoinLedger to take the stress out of tax season. Get started with a free account today.
How do you calculate my capital gains?
Our free tool uses the following formula to calculate your capital gains and losses.
Once we’ve calculated your gain/loss, we’ll use the information you provided about your holding period and your income for the year to calculate your tax liability.
How is cryptocurrency taxed?
In Australia, cryptocurrency is subject to capital gains and ordinary income tax
When you dispose of cryptocurrency, you’ll recognize a capital gain or loss depending on how the price of your crypto has changed since you originally received it.
When you earn cryptocurrency, you recognize income subject to ordinary income tax.
The calculator above is designed to help you recognize the tax impact of your crypto capital gains and losses.
Why do I need to enter my annual income?
The tax calculator calculates your taxes based on your income level. In Australia, your income and capital gains from cryptocurrency are taxed between 0-45%. Generally, the higher your income, the more taxes you pay.
What’s the difference between long-term and short-term capital gains?
If you dispose of your cryptocurrency after 12 months, only 50% of your gain will be considered taxable income. If you dispose of your cryptocurrency within 12 months, 100% of your gain will be considered taxable income.
How do capital losses impact my tax calculations?
Capital losses can offset your capital gains for the year. If you have a net loss for the year, you can carry it forward into future tax years.
How do fees impact my tax calculations?
Fees directly related to acquiring your crypto can be added to your cost of acquisition. Meanwhile, fees directly related to disposing of your crypto can be subtracted from your gross proceeds. In either case, fees reduce your total capital gain.
How do I calculate capital gains on crypto-to-crypto trades?
Trading one cryptocurrency for another is considered a taxable disposal. You’ll incur a capital gain or loss depending on how the price of the crypto you’re trading away has changed since you originally received it.
Here are a few strategies that can help you avoid your cryptocurrency taxes legally.
I went to CoinLedger this year because a friend of mine recommended them. I was connected with a human who walked me right through everything. It is so nice knowing I won’t have to dread crypto taxes!
I tried couple of other Crypto tax platforms and I can surely say that Coinledger.io was the best. They help you all the way through the end before you have to pay anything at all. They have great features like intuitive UI, ease of use /UX, fast app performance and great customer service agents like Aimee, who helped through the process and also checked things in the backend before a paid single penny. Kudos to the team. I will be a return customer. PS: No, they did not give me any discounts to post this. :)
The customer service is insanely good. E-mails are typically answered within hours (sometimes faster) by folks that clearly understand crypto taxes and really seem to care. If only the exchanges were so good! Worth the $$$.
Easier than I thought it would be! Just knowing next year will be just as easy is comforting.
I dragged my feet for months in completing my taxes, but now it’s Sept and the dreaded tax deadline is looming. i found CoinLedger and in 15min i was done. Unreal! Thank You!
Excellent product, excellent customer service - Jon helped me out back and forth multiple times over several days to help me solve a problem and answer questions about crypto taxes in general.
I was apprehensive about trying to file taxes with my limited knowledge on the topic. I tried for several hours to do it myself. With CoinLedger, I was done with the filing process in 10 minutes.