Cryptocurrency and taxation reporting

Discussion in 'Digital Currencies' started by mmm....shiney!, Feb 18, 2021.

  1. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    If you've logged into myGov to have a look at lodging your tax online and if you've sold any crypto assets then there's a good chance the ATO knows you've done it.

    My accountant also asked me about it and I hadn't mentioned anything to her previously so when she logged on to the ATO site she must've seen the pre-filled fields as well.

    So I tried a couple of online crypto portfolio trackers, Cryptocompare which is ok if you just want to collate all your assets in 1 place, but you have to manually input data. It's free at the moment and a bit of a dick to input sell transactions though. Actually a PITA. So I started inputting data into Cointracker which was a simple enough process itself except that it got a couple of things wrong which inflated the value of my portfolio and I couldn't work out how to remedy the problem, so I ditched it and it also costs $299 to generate a tax report.

    I used Koinly in the end which was pretty simple as well. A bit trickier for a couple of wallets compared to Cointracker but it didn't make any mistakes. It costs $132 to generate a tax report. Coz I don't read the fine print I missed the 15% off code, nice one dickhead you all say.

    Just putting this info out there for those that may need it.
     
    hawkeye1, LiverBird and Ivykoin like this.
  2. heartastack

    heartastack Well-Known Member Silver Stacker

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    Anyone who gets audited please let us know how it goes
     
  3. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    It's been 15 years since I last filled out a tax form. Not starting now haha.
    All that goes to my stack instead.
     
    66rounds and raven like this.

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