Step-by-Step Guide to Filing Crypto Taxes with ATO myTax 2023

by
Ravi Abhishek
Reviewed by
Brihasi Dey
min read
Last updated:

With the Australian Taxation Office (ATO) cracking down on cryptocurrency taxes, it's crucial for Australian taxpayers to understand their obligations and properly report their crypto gains and income. 

The deadline for filing your crypto taxes using the ATO's myTax portal is approaching fast, set for the 31st of October 2023. If you're unsure about how to navigate the process and make accurate declarations, don't worry! We're here to help.

In this comprehensive guide, we'll walk you through the step-by-step process of filing your crypto taxes using the ATO's myTax platform, along with the assistance of Kryptos, a trusted cryptocurrency tax software that simplifies the tax reporting process, ensuring accurate calculations and seamless integration with myTax.

Step-by-Step Guide to Filing Crypto Taxes on myTax

Here are the simplified step-by-step instructions for reporting your crypto gains, losses, and income using ATO myTax and Kryptos:

On Kryptos:

1. Log in to your Kryptos account and ensure that your account is properly set up.

2. Go to the tax reports page and download the ATO myTax report. This report will provide you with the necessary figures for filing with myTax.

On myTax:

1. Log in to your ATO myTax account or create a new account on the myGov website.

2. Select "Manage tax returns" and choose the option for the 2022/2023 return.

3. Verify that your personal information and contact details are accurate, then proceed to the next step.

4. Update your financial institution details if necessary and continue.

5. In the "Personalise your 2022-23 return" section, fill out your personal details accordingly.

6. For your crypto investments, you will need to select specific options based on your situation. Follow the instructions for capital gains or losses, crypto income, and deductions as applicable.

7. Complete the remaining sections based on your individual circumstances and select "Next."

8. On the "Prepare your 2022-23 return" page, click "Add/Edit" next to capital gains or losses.

9. Copy and paste the figures from your Kryptos ATO myTax report into the corresponding boxes for total current year capital gains and net capital gain.

10. If you have a capital loss for the year, enter this figure under "Net capital loss carried forward to later income years."

11. Select "Save and continue."

12. For crypto income, click "Add/Edit" next to other income on the "Prepare your 2022-23 return" page.

13. Click "Add" next to "Any other income" and select "Other" as the type of payment.

14. Provide a description of your income, such as staking rewards, and enter the total amount from your Kryptos ATO myTax report.

15. Save the entry and continue.

16. If you have deductions related to crypto, click "Add/Edit" next to deductions on the "Prepare your 2022-23 return" page.

17. Add a deduction for "Other deductions" and select "Deductions relating to financial investments" as the type.

18. Enter a description of the deduction, such as crypto expenses or margin fees, and input the total amount from your Kryptos ATO myTax report.

19. Save the entry.

20. If you wish to claim your Kryptos plan as a deduction, add another deduction under "Other deductions" and select "Other deductions" as the type.

21. Provide an accurate description, such as crypto tax software plan fee, and enter the cost of your Kryptos plan.

22. Save the entry.

23. Complete the rest of your tax return, addressing any additional sections relevant to your investments.

24. Note that if your capital gains exceed $10,000, you will need to complete the Capital Gains Tax Schedule.

By following these simplified steps and utilizing Kryptos, you can accurately report your crypto taxes through ATO myTax, ensuring compliance with Australian tax regulations.

Effortlessly Complete Your Taxes in 20 Minutes: The Kryptos Solution

When it comes to preparing your crypto taxes, the process can be overwhelming, especially if you've traded on multiple exchanges. However, Kryptos can simplify the process for you. 

The crypto tax software handles various calculations behind the scenes to automatically determine your capital gains and income. It fetches market rates at the time of your trades, matches transfers between wallets and exchange accounts, and performs the necessary calculations for your capital gains.

Here's a step-by-step guide on how to use Kryptos for filing your crypto taxes in Australia

Connect all your exchanges, wallets, and blockchains

Kryptos supports automatic transaction history downloads through exchange APIs. If your exchange doesn't have an API, you can manually import CSV or Excel files containing your transaction history.

Configure your account settings for Australia

Ensure that your base currency is set to AUD. Kryptos defaults to the FIFO (First In, First Out) cost-basis method, which aligns with ATO requirements. 

However, you can also choose to use HIFO (Highest In, First Out) or LIFO (Last In, First Out) as an individual investor. Select the appropriate date range for your tax filing, which typically spans from July 1 to June 30 of the following year. Remember to file your taxes before the October 31 deadline.

Visit the tax reports page

Review your tax summary on Kryptos to verify that all information appears accurate. If you encounter any issues or have questions, don't hesitate to reach out to Kryptos's support team.

Choose and download the ATO myTax report

Kryptos offers various downloadable tax reports. For filing taxes in Australia, you'll need to download the ATO myTax report specifically.

Follow the instructions provided to file your taxes with myTax

Refer to the step-by-step instructions outlined above in this guide to complete the filing process using myTax.

By utilizing Kryptos and following these simplified steps, you can confidently and efficiently file your crypto taxes for the year, ensuring compliance with Australian tax regulations. 

Unlock the Insights: Exploring Your Kryptos Crypto Tax Report

Kryptos provides a comprehensive myTax report that contains all the essential details for filing your 2022-2023 tax return with the ATO.

  1. Capital gains summary
  2. Other gains
  3. Other income summary
  4. Expenses

With Kryptos's myTax report, you can expect:

1. Transaction history: A detailed breakdown of your cryptocurrency transactions, including trades, transfers, and any other relevant activities. This comprehensive overview ensures you have a complete record of your crypto-related activities for accurate reporting.

2. Capital gains and losses: Clear calculations of your capital gains and losses based on the FIFO, HIFO, or LIFO cost-basis method of your choice. Kryptos handles the complex computations, providing you with precise figures to report on your tax return.

3. Income summaries: A consolidated summary of your crypto income, including staking rewards, airdrops, mining proceeds, or any other sources of income related to your cryptocurrency holdings. Kryptos ensures that you have a comprehensive overview of your income to meet the ATO's requirements.

4. Deductions and expenses: A section dedicated to deductions and expenses associated with your cryptocurrency investments. This allows you to claim eligible expenses such as trading fees, transaction costs, or other relevant expenses to optimize your tax liability.

Inside the Kryptos myTax report, you'll discover all the information you need to accurately report your crypto gains, losses, and income. It includes vital figures and summaries that are crucial for completing your tax return with confidence. Sign Up now for free to get started.

FAQs

1. How do I report crypto on my tax return Australia?

In Australia, you report cryptocurrency transactions by including them in your annual tax return. Here's a simplified guide:

  • Maintain accurate and comprehensive records of all your cryptocurrency transactions, including dates, values, and the nature of the transactions.
  • Classify your cryptocurrency transactions as capital gains, income, or other categories based on the nature of the activity.
  • Log in to your ATO myTax account and navigate to the appropriate section, such as "Capital Gains" or "Other Income," depending on your situation.
  • Fill in the relevant details as prompted, including the dates and values of your transactions.

2. How do I report cryptocurrency on my tax return?

The method to report cryptocurrency on your tax return may vary depending on the country and its specific tax regulations. In general, you'll need to gather all relevant information on your crypto transactions and report them in the appropriate sections of your tax return, whether as capital gains, income, or other categories.

3. What happens if I don't report cryptocurrency on taxes?

Failing to report cryptocurrency on your taxes can lead to serious consequences. It might be considered tax evasion or fraud, depending on your jurisdiction. Penalties can include substantial fines, interest on unpaid taxes, and even criminal charges in severe cases.

4. Which country is crypto tax free?

Some countries have taken a more lenient approach to crypto taxation, but the situation is continually evolving. There might not be a country where crypto is entirely "tax-free," as tax implications could arise depending on various factors, such as residency, the nature of the transactions, and more. It's crucial to consult with a tax expert familiar with the specific regulations in your country to get accurate and up-to-date information.

All content on Kryptos serves general informational purposes only. It's not intended to replace any professional advice from licensed accountants, attorneys, or certified financial and tax professionals. The information is completed to the best of our knowledge and we at Kryptos do not claim either correctness or accuracy of the same. Before taking any tax position / stance, you should always consider seeking independent legal, financial, taxation or other advice from the professionals. Kryptos is not liable for any loss caused from the use of, or by placing reliance on, the information on this website. Kryptos disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Thank you for being part of our community, and we're excited to continue guiding you on your crypto journey!


How we reviewed this article

Written by
Ravi Abhishek

Reviewed by
Brihasi Dey

Social Media Manager, Content Writer, Strategist, and Marketer - An IT graduate well versed in SaaS, AI, & Web3, assisting Tech and Blockchain brands in scaling with Content.

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Step-by-Step Guide to Filing Crypto Taxes with ATO myTax 2023

By
Ravi Abhishek
On

With the Australian Taxation Office (ATO) cracking down on cryptocurrency taxes, it's crucial for Australian taxpayers to understand their obligations and properly report their crypto gains and income. 

The deadline for filing your crypto taxes using the ATO's myTax portal is approaching fast, set for the 31st of October 2023. If you're unsure about how to navigate the process and make accurate declarations, don't worry! We're here to help.

In this comprehensive guide, we'll walk you through the step-by-step process of filing your crypto taxes using the ATO's myTax platform, along with the assistance of Kryptos, a trusted cryptocurrency tax software that simplifies the tax reporting process, ensuring accurate calculations and seamless integration with myTax.

Step-by-Step Guide to Filing Crypto Taxes on myTax

Here are the simplified step-by-step instructions for reporting your crypto gains, losses, and income using ATO myTax and Kryptos:

On Kryptos:

1. Log in to your Kryptos account and ensure that your account is properly set up.

2. Go to the tax reports page and download the ATO myTax report. This report will provide you with the necessary figures for filing with myTax.

On myTax:

1. Log in to your ATO myTax account or create a new account on the myGov website.

2. Select "Manage tax returns" and choose the option for the 2022/2023 return.

3. Verify that your personal information and contact details are accurate, then proceed to the next step.

4. Update your financial institution details if necessary and continue.

5. In the "Personalise your 2022-23 return" section, fill out your personal details accordingly.

6. For your crypto investments, you will need to select specific options based on your situation. Follow the instructions for capital gains or losses, crypto income, and deductions as applicable.

7. Complete the remaining sections based on your individual circumstances and select "Next."

8. On the "Prepare your 2022-23 return" page, click "Add/Edit" next to capital gains or losses.

9. Copy and paste the figures from your Kryptos ATO myTax report into the corresponding boxes for total current year capital gains and net capital gain.

10. If you have a capital loss for the year, enter this figure under "Net capital loss carried forward to later income years."

11. Select "Save and continue."

12. For crypto income, click "Add/Edit" next to other income on the "Prepare your 2022-23 return" page.

13. Click "Add" next to "Any other income" and select "Other" as the type of payment.

14. Provide a description of your income, such as staking rewards, and enter the total amount from your Kryptos ATO myTax report.

15. Save the entry and continue.

16. If you have deductions related to crypto, click "Add/Edit" next to deductions on the "Prepare your 2022-23 return" page.

17. Add a deduction for "Other deductions" and select "Deductions relating to financial investments" as the type.

18. Enter a description of the deduction, such as crypto expenses or margin fees, and input the total amount from your Kryptos ATO myTax report.

19. Save the entry.

20. If you wish to claim your Kryptos plan as a deduction, add another deduction under "Other deductions" and select "Other deductions" as the type.

21. Provide an accurate description, such as crypto tax software plan fee, and enter the cost of your Kryptos plan.

22. Save the entry.

23. Complete the rest of your tax return, addressing any additional sections relevant to your investments.

24. Note that if your capital gains exceed $10,000, you will need to complete the Capital Gains Tax Schedule.

By following these simplified steps and utilizing Kryptos, you can accurately report your crypto taxes through ATO myTax, ensuring compliance with Australian tax regulations.

Effortlessly Complete Your Taxes in 20 Minutes: The Kryptos Solution

When it comes to preparing your crypto taxes, the process can be overwhelming, especially if you've traded on multiple exchanges. However, Kryptos can simplify the process for you. 

The crypto tax software handles various calculations behind the scenes to automatically determine your capital gains and income. It fetches market rates at the time of your trades, matches transfers between wallets and exchange accounts, and performs the necessary calculations for your capital gains.

Here's a step-by-step guide on how to use Kryptos for filing your crypto taxes in Australia

Connect all your exchanges, wallets, and blockchains

Kryptos supports automatic transaction history downloads through exchange APIs. If your exchange doesn't have an API, you can manually import CSV or Excel files containing your transaction history.

Configure your account settings for Australia

Ensure that your base currency is set to AUD. Kryptos defaults to the FIFO (First In, First Out) cost-basis method, which aligns with ATO requirements. 

However, you can also choose to use HIFO (Highest In, First Out) or LIFO (Last In, First Out) as an individual investor. Select the appropriate date range for your tax filing, which typically spans from July 1 to June 30 of the following year. Remember to file your taxes before the October 31 deadline.

Visit the tax reports page

Review your tax summary on Kryptos to verify that all information appears accurate. If you encounter any issues or have questions, don't hesitate to reach out to Kryptos's support team.

Choose and download the ATO myTax report

Kryptos offers various downloadable tax reports. For filing taxes in Australia, you'll need to download the ATO myTax report specifically.

Follow the instructions provided to file your taxes with myTax

Refer to the step-by-step instructions outlined above in this guide to complete the filing process using myTax.

By utilizing Kryptos and following these simplified steps, you can confidently and efficiently file your crypto taxes for the year, ensuring compliance with Australian tax regulations. 

Unlock the Insights: Exploring Your Kryptos Crypto Tax Report

Kryptos provides a comprehensive myTax report that contains all the essential details for filing your 2022-2023 tax return with the ATO.

  1. Capital gains summary
  2. Other gains
  3. Other income summary
  4. Expenses

With Kryptos's myTax report, you can expect:

1. Transaction history: A detailed breakdown of your cryptocurrency transactions, including trades, transfers, and any other relevant activities. This comprehensive overview ensures you have a complete record of your crypto-related activities for accurate reporting.

2. Capital gains and losses: Clear calculations of your capital gains and losses based on the FIFO, HIFO, or LIFO cost-basis method of your choice. Kryptos handles the complex computations, providing you with precise figures to report on your tax return.

3. Income summaries: A consolidated summary of your crypto income, including staking rewards, airdrops, mining proceeds, or any other sources of income related to your cryptocurrency holdings. Kryptos ensures that you have a comprehensive overview of your income to meet the ATO's requirements.

4. Deductions and expenses: A section dedicated to deductions and expenses associated with your cryptocurrency investments. This allows you to claim eligible expenses such as trading fees, transaction costs, or other relevant expenses to optimize your tax liability.

Inside the Kryptos myTax report, you'll discover all the information you need to accurately report your crypto gains, losses, and income. It includes vital figures and summaries that are crucial for completing your tax return with confidence. Sign Up now for free to get started.

FAQs

1. How do I report crypto on my tax return Australia?

In Australia, you report cryptocurrency transactions by including them in your annual tax return. Here's a simplified guide:

  • Maintain accurate and comprehensive records of all your cryptocurrency transactions, including dates, values, and the nature of the transactions.
  • Classify your cryptocurrency transactions as capital gains, income, or other categories based on the nature of the activity.
  • Log in to your ATO myTax account and navigate to the appropriate section, such as "Capital Gains" or "Other Income," depending on your situation.
  • Fill in the relevant details as prompted, including the dates and values of your transactions.

2. How do I report cryptocurrency on my tax return?

The method to report cryptocurrency on your tax return may vary depending on the country and its specific tax regulations. In general, you'll need to gather all relevant information on your crypto transactions and report them in the appropriate sections of your tax return, whether as capital gains, income, or other categories.

3. What happens if I don't report cryptocurrency on taxes?

Failing to report cryptocurrency on your taxes can lead to serious consequences. It might be considered tax evasion or fraud, depending on your jurisdiction. Penalties can include substantial fines, interest on unpaid taxes, and even criminal charges in severe cases.

4. Which country is crypto tax free?

Some countries have taken a more lenient approach to crypto taxation, but the situation is continually evolving. There might not be a country where crypto is entirely "tax-free," as tax implications could arise depending on various factors, such as residency, the nature of the transactions, and more. It's crucial to consult with a tax expert familiar with the specific regulations in your country to get accurate and up-to-date information.

All content on Kryptos serves general informational purposes only. It's not intended to replace any professional advice from licensed accountants, attorneys, or certified financial and tax professionals. The information is completed to the best of our knowledge and we at Kryptos do not claim either correctness or accuracy of the same. Before taking any tax position / stance, you should always consider seeking independent legal, financial, taxation or other advice from the professionals. Kryptos is not liable for any loss caused from the use of, or by placing reliance on, the information on this website. Kryptos disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Thank you for being part of our community, and we're excited to continue guiding you on your crypto journey!


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