KNS ACCOUTANT

Crypto Tax Accountant Sydney

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Do you own cryptocurrency assets?

The cryptocurrency craze has been one of the most talked-about financial stories in recent times, and our accounting firm is here to help you navigate the complexities of crypto tax.

If you answered yes, you may be in for a rude awakening as the Australian Taxation Office (ATO) ramps up its efforts to ensure taxpayers who have purchased cryptocurrency declare it correctly on their tax returns.

The ATO has made their position on crypto assets & your capital gains tax obligations clear — you need to pay up! 

As qualified chartered accountants with extensive experience in cryptocurrency taxation, KNS Accountants are trusted providers of crypto tax Australia services, offering local expertise to help you navigate the complexities of crypto tax.

Do You Need to Pay Tax on Cryptocurrency in Australia?

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Under Australian tax law, cryptocurrency is treated as property. This means that buying, selling, or trading crypto assets may trigger capital gains tax (CGT) if you’ve made a profit.

Whether you’re casually dabbling in crypto or running a full trading portfolio, it’s important to understand your tax obligations. If you’re disposing of crypto (whether by selling it, swapping it, or using it to pay for goods or services), you’ll generally need to report any capital gain or loss.

A common misconception is that crypto is anonymous and outside the scope of tax law. That’s not the case. The ATO has sophisticated data-matching tools and works closely with crypto exchanges to track transactions. Every transaction must be valued in Australian dollars at the time it occurred, using fair market value. This includes purchases, sales, transfers between wallets, staking rewards, and even airdrops.

Because the tax treatment can vary depending on whether you’re considered an investor, a trader, or using crypto for business purposes, it’s critical to get the structure right. The difference between paying income tax versus CGT on your crypto gains can be significant, and that’s where a crypto tax accountant can make all the difference.

At KNS, our crypto tax specialists help you identify whether your crypto gains should be treated as ordinary income or capital gains. We’ll guide you through recordkeeping requirements, reconcile data across different wallets and exchanges, and ensure you’re meeting your obligations while optimising your tax position.

We also help clients with:

  • Calculating capital gains and losses across different financial years
  • Preparing detailed crypto tax reports for lodgement
  • Structuring transactions to reduce exposure to unnecessary tax
  • Navigating complex scenarios like DeFi activity, staking, and business use

Crypto tax can be complex, but it doesn’t need to be overwhelming. If you’re unsure whether your activity is taxable or how to report it properly, speak with our team today. We’ll help you stay compliant and make sure you’re not paying more tax than necessary.

Crytocurrency and Tax Laws

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Crypto investors and traders in Australia are subject to different tax rules. The ATO has clarified its position on cryptocurrency investors, stating those who buy and sell digital currencies to experience long-term crypto capital gains will be subject to capital gains tax. This is in contrast to those who trade in cryptocurrencies to make a profit through short-term price movements, who are subject to capital gains tax rather than income tax. Our crypto accountants can help you navigate these complexities.

In other words, if you’re a crypto trader, you’re essentially conducting a business, and the ATO will consider your business income as assessable income for tax purposes. The ATO’s position is based on the premise that crypto assets (like all other investments and digital assets) are subject to capital gains tax when owners dispose of them, including those held in specialised accounts for crypto investors.

The ATO has also stated it will consider each case on its own merits, accounting for factors such as the duration of the investment and the investor’s intention. For example, you may be exempt from capital gains tax depending on whether your crypto asset is considered a personal use asset or business income, and the tax implications may depend on how and when the cryptocurrency was originally purchased.

Your capital gains tax rate may also be reduced if you’ve held onto the crypto asset for more than 12 months before selling it at its fair market value.

So, cryptocurrency investors need to keep accurate records of their transactions to ensure they can properly calculate their crypto taxes, and any potential capital gains tax liability.

How Can Our Sydney Crypto Tax Accountants Help You?

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Whether you’re a trader or an investor for ATO purposes, our cryptocurrency tax accountants can help you with your taxes. Our team specializes in crypto accounting, ensuring that all your cryptocurrency transactions are accurately reported and compliant with tax regulations.

They have experience with all kinds of cryptocurrencies, so can figure out what category of tax return you fall into and help you understand the tax implications.

Beyond that, we also offer the following crypto tax services below.

Tax Return Preparation and Lodgement

Capital Gains Tax Calculations and Reporting

Crypto Investment Advice

Bookkeeping

Using your SMSF to Invest in Cryptocurrency

Tax Planning and Investment Structuring

Reconciliations

Other Crypto-Tax Related Implications

Why Choose the KNS Team As Your Cryptocurrency Tax Accountants?

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When it comes to cryptocurrency tax management in Australia, the KNS team is second to none. We have a team of qualified crypto accountants who are up-to-date with all the latest changes in tax laws, so we can ensure no tax implications when managing capital gain and cryptocurrency transactions.

We use crypto tax software that ensures you’re compliant with all your tax obligations, and we will help you to maximise your income tax deductions if you’re a crypto trader. We understand that dealing with the ATO can be a daunting task, but a registered tax agent on our team will take care of your assessable income.

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Crypto Tax Accountants in Sydney You Can Trust

We take a client-focused approach to everything we do, and our specialist crypto accountants are dedicated to providing personalised service.

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Professionalism

We are committed to providing our clients with personalised, professional care.

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Quality

Our team works hard to help you make informed financial decisions.

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Accounting Made Simple.

Speak To Our Accountants, Business Advisors And Tax Agents Today!

We understand the unique challenges coming with managing cryptocurrency investments. From preparing your tax return to developing strategies for minimizing capital gains, our team of registered tax agents is dedicated to helping our clients maximize their financial success.

We also offer a variety of other services, including bookkeeping and auditing.

So, if you’re looking for help with your cryptocurrency taxes, don’t hesitate to get in touch with our team today.

Phone

(02) 9625 2388

Email

info@knsaccountants.com.au

Arndell Park

Suite 102, 69 Holbeche Rd Arndell Park NSW 2148

ALBURY OFFICE

Level 1, 6/571 Dean Street Albury NSW 2640

Lets Have A Chat

We focus on relationships with our clients, being available to answer any business, accounting, or tax questions you have.
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Riya Roshan UNDERGRADUATE

Riya is the newest addition to the KNS team and looks after bookkeeping and administration for us. She is currently completing her Bachelor of Professional Accounting degree from Macquarie University, and is aiming to pursue her career as a forensic accountant when she graduates.

She is also a certified Xero and Quickbooks advisor.

When Riya isn't studying or at work, you can find her binging on Netflix!

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Simrani Prasad UNDERGRADUATE

Simrani joined the KNS family in July 2020. She’s currently studying at Macquarie University and has aspirations to be a property tax specialist in the future!

With a passion for investing in property, shares and crypto, Simrani keeps up-to-date with the latest market trends. Simrani takes care of all bookkeeping, individual tax returns and is a certified Xero and Quickbooks advisor.

In her spare time, she loves organising events for the team like monthly drinks and weekends away

Abigail Adriano Accountant

Abigail is a dedicated Accountant with a flair for baking and a deep love for her family. As a mother of one, she understands the importance of balancing work and personal life. In her professional role, Abigail goes above and beyond to assist her clients with efficiency and a personal touch, making sure to always exceed expectations.

With a true passion for accounting, Abigail excels in her field, particularly in areas such as payroll, superannuation obligations, and tax returns for individuals and businesses of all sizes. Clients trust Abigail not only for her expertise but also for her warm and approachable nature, making them feel at ease when discussing their financial matters with her.

When she's not crunching numbers, Abigail enjoys spending quality time with her loved ones, baking delicious treats, and creating joyful memories with her family. Her dedication to both her professional and personal life is a testament to her strong work ethic and caring nature.

Raj Singh Accountant & Virtual Chief Financial Officer

As a seasoned professional providing top-tier accounting services and acting as a Chief Financial Officer for A-listed clients, Raj brings a unique blend of financial expertise and strategic leadership. With a relentless dedication to ensuring clients' financial success, He takes pride in keeping the financial affairs in pristine order while driving growth and profitability.

Beyond the boardroom, Raj's passion extends to the soccer and rugby fields, where he finds joy in the competitive spirit and teamwork these sports offer. Whether strategising business plans or game-winning plays, his love for both fields shine through his commitment to excellence.

In the kitchen, Raj finds solace in cooking up delicious meals for his loved ones, embodying caring nature through the act of nourishing and bringing people together. This same caring nature extends to his professional life, where he strives to keep the team cohesive and motivated, believing that a united team is the key to achieving remarkable results.

When Raj is not assisting clients or leading the team to success, you can find his cherishing quality time with his family. Balancing work and personal life are essential to him, and he find that reconnecting with his loved ones fuels to drive and passion for what he does.

Krishan Sharma Accountant & SMSF Auditor

Krishan Sharma is a dedicated SMSF Auditor, renowned for his expertise and professionalism in the field.

As the proud recipient of the prestigious Institute of Public Accountants 2022 Member of the year award (New South Wales), Krishan as consistently demonstrated his commitment to excellence in accounting and SMSF auditing.

A registered tax agent and a registered practitioner with Chartered Accountants Australia and New Zealand, Krishan possesses a wealth of knowledge and experience that sets him apart in the industry. His meticulous attention to detail and deep understanding of financial regulations have earned him the respect of his peers and clients alike.

Beyond his professional achievements, Krishan in his personal life finds fulfillment in giving back to his community through volunteering with religious groups. He cherishes quality time spent with his family and children, finding joy in creating lasting memories together.

Krishan Sharma is not just a skilled accountant and SMSF auditor, but also a compassionate individual who strives to make a positive impact both professionally and personally.