We had several clients during the tax year who did quite a lot of trading with cryptocurrency and made a profit, which was evidently an unwelcome surprise to them, even if they had supplied us with an ATO approved tax report themselves.
For your 2022 tax, you need to work out your 2022 cryptocurrency gains or losses NOW, before the end of the year, in case you need to reduce your tax some other way to offset the gains, such as perhaps contributing to super, or perhaps crystallising an unwanted share or investment which you no longer wish to hold by selling it before 30 June 2022 to offset the gain.
Note that manual calculations of crypto gains and/or losses are incredibly time-consuming, and therefore costly to you. We will not manually calculate any cryptocurrency gains or losses for clients who have more than 20 transactions during the year; you will need to supply either a Koinly or Cryptotax , and please review the report before submitting the report to us. If you don’t believe it is correct, then please get a second tax report. If you sign up for CryptoTaxCalculator, IN8 has an accountants’ platform, where we can see your reports from our end, just like in Xero, which is very convenient, but as long as it is compliant with ATO and Australian requirements, you can use whichever platform you want, as long as it gives us the appropriate tax information.