The ATO most likely know you have been trading in cryptocurrency.
Recently one of our team members was on a phone call with the ATO discussing a client’s tax return. On that call the ATO employee commented that there was a note on the client’s file stating the ATO expects this client has cryptocurrency transactions. They will be checking their tax return for cryptocurrency gains and losses.
Whilst we have been aware for quite some time that the ATO have collected cryptocurrency transaction records from numerous exchanges, this is the first time we have explicitly heard from the ATO that their system is setup to auto-detect cryptocurrency usage by a specific taxpayer.
It’s an interesting development which we thought you’d very much like to be aware of.
If you’ve already lodged tax returns declaring everything required, then there is nothing for you to be concerned about. If not, then for peace of mind let us help you lodge an ATO compliant tax return which legally minimises your tax.
Get help with your cryptocurrency tax return
Whether you’ve been investing or trading crypto in your personal name, jointly with your spouse, in a trust/company or in a self-managed superannuation fund (SMSF), we are the best people to help.
Munro’s is Australia’s pioneer advisor when it comes to matters of cryptocurrency taxation. We have developed unique systems and knowledge that enable us to calculate your cryptocurrency gains and losses to an unrivalled degree of accuracy, including minimising tax as much as legally possible.
Where possible, we identify significant tax planning opportunities and strategies that can minimise your current and future tax liabilities. We are not aware of anyone else providing this outstanding level of crypto-related tax advisory service.
To enable you to achieve your necessary tax minimisation and ATO compliant goals, we highly recommend the following to Australian crypto enthusiasts.
Contact our highly skilled team and request our assistance to prepare your tax return(s).
We will optimise your allowable deductions and minimise your declarable income as much as legally possible.
It is our great pleasure to help you achieve your goals as these align with our mission of passionately working every day, on every project, to reduce tax as much as legally possible – keeping your hard-earned wealth in your wallet!
Our Crypto and Blockchain Experience
100+ satisfied clients
Over 300 Australians subscribed to our crypto tax bulletins
$1 million+ tax saved and growing!
We first took an interest in bitcoin and Satoshi Nakamoto’s revolutionary technology back in 2012; so when the crypto-mania of 2017 happened and everyone was talking about it, we were prepared and ready to help.
Whereas other professionals were confused by all the crypto-jargon – “altcoin”, “ICO”, “utility token”, “security token”, “hashing”, “proof of work”, “proof of stake”, “flipping”, “the flippening” – as pioneers we were publishing blogs and presenting at events helping Australians understand the tax issues associated with cryptocurrencies and blockchain.
Our clients from across Australia benefit tremendously because, rather than paying an advisor to learn the tech, they engage Munro’s experienced crypto-specialist accountants to develop and implement tailored strategies to achieve significant tax savings, as well as give them the peace of mind that they are acting within the law.
Just a few of our Client Successes
- Assisted multi-million dollar successful crypto investor with tax effective preparation of tax returns and issued comprehensive position paper on whether gains are on capital or revenue account – resulting in favourable outcome achieving hundreds of thousands of dollars in tax saved.
- Many times we have provided advice and assistance with the establishment of a self-managed superannuation fund so the client could compliantly invest in cryptocurrency using their superannuation monies.
- Thoroughly researched and provided advice on the tax treatment of cryptocurrency chainsplits, resulting in significant tax savings.
- Supplied blockchain developer with structuring advice to achieve tax effective solution on crypto earned from employment activities.
- Structuring advice to a masternode operator to significantly reduce tax rate – we believe Munro’s is the only accounting firm aware of this strategy.
- Advice and assistance on tax residency issues impacting an early crypto investor, which resulted in tax-free uplift to CGT cost base.
- Provision of comprehensive analysis regarding eligibility to the personal use exemption for early bitcoin user – implemented advice saving hundreds of thousands of dollars in tax.
- Provided and implemented strategic structuring advice to commercial cryptocurrency mining operation.
- Supplied and implemented tailored structuring advice for active crypto trader to achieve short-term and long-term tax savings.
- Advised block producer candidate on tax treatment of crypto-minting rewards and supplied tailored structuring advice to legally delay taxing event and access CGT discount.
- Advised investment fund on cryptocurrency taxation treatment, accounting and tax effective structuring.
- Initial consultation on tax issues associated with a blockchain startup’s ICO including consideration of income tax, GST, dividend/Division 7A and fringe benefits tax.
- Advised a blockchain startup shareholder on tax treatment of receipt of ICO tokens given to shareholders of the startup, including clever solution to mitigate tax.
- Supplied and implemented structuring advice to a crypto exchange business.