Cryptocurrency Tax Return

2021 tax return

You may like to purchase our popular Australian Cryptocurrency Tax Course here.

We are now preparing tax returns for the financial year ended 30 June 2021.

To request a tailored quote, please email the following to digital@munros.com.au

• Copy of most recently lodged tax return.
• All CSV/Spreadsheet file exports from your exchanges and wallets revealing all your trades, deposits and withdrawals up to today (or 30 June if you have those holding records).
• A record of each cryptocurrency you currently own (i.e. the ticker such as BTC, ETH) and the quantity held today (or 30 June if you have an exact record).
• Records of anything else related to cryptocurrency that you believe we need to know. For example, hardware wallets and mining/staking costs.
• If you have maintained a cryptocurrency bookkeeping account, for example with CoinTracking, then kindly provide the login credentials (username and password).
• Records associated with your other income and investments. For example, if you trade shares then you can usually download an End of Financial Year Report from your broker which shows shares owned at 30 June, and all your purchases and sales throughout the year.
• Records of any tax deductible expenditure. If you are unsure if something is tax deductible, then include it and we can determine tax treatment.
• Anything else which we should know about your tax affairs.

2020 and earlier tax returns

We continue to prepare and lodge prior year tax returns.

This includes original tax returns; and also amendments where you need to go back and report undeclared crypto gains and/or losses.

Submit the afore-mentioned information to us at digital@munros.com.au and we will get back to you with a quote.

What to do at 30 June

If you've traded crypto then this is what you need to do at 30 June each year, in four easy steps, to make life easier come tax return preparation:

Note, if you haven't done this at 30 June, then you will need to gather these records to today's date instead.

• Step 1

  Keep a record of each crypto you owned at 30 June 2021 and how many.
   
  For example,
  Bitcoin BTC     0.45642
  Ether ETH       2.351
  Ripple XRP      6,458.452
  Litecoin LTC     20.5434
  
  Best practice is to keep this record in a spreadsheet with a column for the crypto ticker (e.g. BTC) and a column for the quantity.
  
  And.... it’s also a great idea to take screenshots of balances held at exchanges and wallets as substantiation. These screenshots are especially important for Self-Managed Superannuation Funds (SMSF).

• Step 2

  Download your transaction history for the period 1 July 2020 to 30 June 2021 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 2019 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.
  

  We will then review the information and let you know what is needed to get your tax return done. This will include a quote for the service.
  

  When you have accepted our engagement agreement, your tax return will then be prepared and lodged by us, Australia’s GO-TO cryptocurrency specialists – Munro’s Cryptocurrency Accountants.
  
  You can send the information by email at digital@munros.com.au or request a secure client portal account to upload via our website.

Verified 5-Star Google Reviews

We have an outstanding reputation in the space, which is further confirmed by our many 5-star Google Reviews. See here: https://g.page/munros/

"Excellent customer service. Very professional and pleasant to deal with. Relieved that I discovered Munros to help with my complicated crypto case. Adam was a huge help and I will definitely be using them again in the future for any taxation issues and or financial advice." Markus M.

"After "investing" in cryptocurrencies for the past few years I thought my tax return was going to be a nightmare. Cherie and the team at Munro's have done a fantastic job at making my last two tax returns as easy as possible for me and I will be continuing to use their services in the future." Ryan W.

"Drew Pflaum and Munro's have been Fantastic with my crypto portfolio and their advise on my taxation requirements regarding this. I am also very impressed with their promptness, expertise and dedication in all my accounting matters. I would recommend their services to anyone who wants a professional and up to date accounting firm." Chris J.

"Crypto trading is a new thing and I believe, just like many others I had made lots of mistakes not knowing that trading Crypto is a taxable event. Lucky, there is someone knowledgeable about this matter.
Great education and support in this challenging time I have received from Drew the man!
The level of communication is top, accurate and precise.
They put their heart into the work to help out their client.
Highly recommend if you are seeking a Crypto tax return service.
Thanks Drew the man and Michael." Suthee S.

"Drew and the team helped me with my tax returns, especially reporting on cryptocurrency trading done in previous years. I highly recommend seeking their services for all tax/accounting matters, especially cryptocurrency trading. Thanks guys!" MG

"Had run into troubles with my personal tax return and immediately appointed Munro's to act on this matter. Drew and Adam immediately handled my case and was sorted at God speed. Communication was great with all of them and it was easy to provide them with all the requested information
Highly recommend them for all your accounting and taxation matter, including complicated cryptocurrency matters" Jeffrey C.

"Drew and the team at Munros have made my cryptocurrency accounting a breeze primarily for tax purposes and to ensure all previous years were reconciled correctly given my previous tax agents literally had no idea despite their knowledge of my crypto holdings for the past 2 tax years. Well done Drew, well done Munros for specialising in this space. Great job!!" Justis B.

"Drew was fantastic to talk to. He answered all my questions in an easy to understand way. He helped me gain a greater understanding of how Cryptocurrency is treated by the tax department and what my obligations around record keeping are. I would recommend contacting Drew if you are new to Cryptocurrencies before investing, to get a handle on how things work, what your obligations are and how to keep good records." Dianne H.

"Munro's were able to take complicated tax matters like cryptocurrency trading income for a new company and turn it in to a simple solution for me. Drew has always been amazingly patient and helpful, answering emails quickly and taking the time to respond thoroughly so the matter could be clearly understood. Highly recommended for any tax accounting needs!!" Eric M.

"I'm extremely pleased with the services of Munro's Accountants. They are professional and easy to work with. My situation was not simple yet they completed the task and have provided me with peace of mind going forwards. I would not hesitate to recommend them. AAAAA+++++" Jim K.