Bitcoin and Cryptocurrency Tax Return 2019 - What you need to do NOW?!

| Cryptocurrency
Bitcoin and Cryptocurrency Tax Return 2019 - What you need to do NOW?! | Munro's Accountants and Advisors

It’s a new financial year and so we each have a tax return to do. Traded crypto? Here is what you need to do now in four easy steps:

 

Step 1

 

Keep a record of each crypto you owned at 30 June 2019 and how many.

 

For example,

Bitcoin

BTC

0.45642

Ether

ETH

2.351

Ripple

XRP

6,458.452

Litecoin

LTC

20.5434

 

It’s also a great idea to take screenshots of balances held at exchanges and wallets as proof.

 

Step 2

 

Download your transaction history for the period 1 July 2018 to 30 June 2019 from your exchanges and wallets.

 

These are usually available to download as CSV/Spreadsheet files using an export history feature.

 

If you traded crypto before 1 July 2018 and haven’t previously kept a copy of those transactions, then you also need to download prior year data too.

 

Step 3

 

Download your deposit and withdrawal history from exchanges and wallets.

 

Again, these are usually CSV files and should include crypto and fiat (AUD, USD, EURO) amounts.

 

Step 4

 

Send this information to us, together with your other tax information such as tax deductible expenses.

 

Your tax return will then be prepared by Australia’s leading cryptocurrency specialists – Munro’s Cryptocurrency Accountants.

 

You can send the info by email or request a secure client portal account to upload via our website.

 

Click here to read about how we saved $9,246 in tax for a client…. in fact, we have saved our clients a combined total of more than $1million in tax due to our industry leading crypto expertise.

 

Smart crypto investors, traders and miners can contact us on 08 94275200 or submit an enquiry here.

 

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