Welcome to my guide about the 10 best crypto taxes software in Australia.
Cryptocurrencies have seen immense popularity in recent years and have provided investors with massive returns since their inception.
With the rise of Bitcoin, Ethereum, and hundreds of other promising altcoins, it is no surprise that people are cashing out their traditional investments to invest in cryptocurrencies.
However, with fast-paced tech innovation comes a lot of tax complexities for investing in crypto assets.
Tax uncertainties are a relatively new phenomenon for many people who are new to Crypto investing and often times they find themselves scrambling for more information from tax professionals.
In this article, you are going to learn about 10 of the best crypto taxes software you can use specifically for Australia.
10 Best Crypto Taxes Software In Australia
In this section, you will learn about the best top 10 tax software programs that people from Australia use.
These tax software programs are based on reviews and feedback from people that deal in cryptocurrency in Australia.
Disclaimer: Additionally, do not take what I say to be professional tax advice as I am NOT a tax expert, I am simply sharing the most popular tax software that I found through forums and other resources to be the “go-to” or the most popular tax software programs for Australians.
With that said, here is that breakdown:
1. Accointing.com
Accointing.com is a well-known cryptocurrency tax preparation service that anyone in Australia can use.
Accointing.com is easy to use and can be accessed from anywhere you like.
This software helps users properly report their cryptocurrency assets, income and trades on their tax returns and ultimately helps individuals and businesses pay less taxes.
Accounting offers guidance for businesses of all sizes including consultants, accountants, CPAs, and lawyers who wish to consult with clients on crypto taxes. The platform is available for free for individual investors.
Accountants also get access to a host of features that are not available to individual investors like custom reporting, downloadable reports, unlimited trades, and more.
The cost per year for Accounting.com is $59.
2. Koinly
Koinly is part of the Koinly family of crypto tax preparation and accounting software that allows users to manage their taxes from anywhere they like.
The platform is available for free for individual investors.
Accountants also get access to a host of features that are not available to individual investors like custom reporting, downloadable reports, unlimited trades, and more.
Koinly is another popular cryptocurrency tax preparation platform that offers free services as well as paid services for accountants.
However, the software is specifically built for crypto users in Australia and makes it easy for them to manage their finances even if they don’t have prior experience investing in cryptocurrencies.
The cost per year for Koinly is $49.
Another great article: Is The Best Hardware Wallet Ledger Nano S? Full Review
3. CryptoPrep
CryptoPrep is another great platform for individuals and businesses that need help with their cryptocurrency taxes.
The software is easy to use and helps users report profits, losses and other transactions that may complicate their tax returns.
The platform also allows users to manage their crypto portfolio without any hassle. It makes it easy for them to save time, money and energy when it comes to doing their taxes.
The service is available for $0 for the first 30-days for company employees from companies like Amazon, Facebook, and Google.
Individuals can also take advantage of a 14-day free trial period where they can evaluate the product before they purchase it outright.
The cost per year for CryptoPrep is $49.
4. TaxBit
TaxBit is a well-known tax preparation software that allows users to do all of their cryptocurrency tax reporting from any location.
The service is available for free for individuals who need help with their crypto taxes.
Individuals and small businesses who need help with their crypto taxes can choose to use a paid service for accountants, attorneys, and CPAs.
The platform also offers free services for individuals who are interested in getting additional help on their taxes.
TaxBit is another developer-supported platform that makes it easy for customers to sign up and get set up in only a few minutes.
The platform also offers tools like tax calculators, charts, and other resources to make it easier for people to understand the tech behind crypto assets.
The cost per year for TaxBit is $59.
5. CryptoTrader.Tax
CryptoTrader.Tax is a full-featured cryptocurrency trading tax software that helps users manage their crypto assets.
It also helps users report transactions for ongoing coin trades and use the system to create invoices and pay employees.
CryptoTrader.Tax is a well-known tax preparation service that allows users to choose between free and paid options depending on their individual needs.
The paid service is available for $49 per year or around $100 for a lifetime subscription.
6. ZenLedger
ZenLedger is a software that helps users manage taxes and storage of crypto assets.
It allows users to make crypto trading decisions with extensive tool options, complete with comprehensive documentation and technical support.
It also offers a variety of guides for individual investors and traders who want to learn more about the technology that powers cryptocurrencies.
The system is available for pricing starting at $49 per year.
It is possible to pay upfront for lifetime access to ZenLedger or higher subscription rates depending on your needs.
The software has a free trial period which can be used by individuals and companies alike.
The platform offers robust documentation and other tools that make it easy for people to spend less time managing their finances from anywhere they like using their computers, phones or tablets.
The cost per year for ZenLedger is $49.
Another great article: The 7 Best Crypto Tax Software Programs In Canada
7. Bitcoin.Tax
Bitcoin.Tax is a reliable tool that helps users with the reporting of all of their crypto assets.
The platform allows users to manage their portfolios with multiple wallets, exchanges, and more.
It also provides extensive documentation to help users learn more about the technology behind cryptocurrencies.
Users also get access to services like tax calculators, accounting advice, industry news and insights, and more.
The service is available for free for individuals who want help filing their taxes with a simple guide on how to prepare their own returns.
The software offers paid services for businesses that require assistance managing taxes in regards to cryptocurrency ownership.
The platform offers an array of pricing options that can be tailored depending on each user’s needs and goals.
The cost per year for Bitcoin.Tax is $39.95.
8. CryptoTaxCalculator
CryptoTaxCalculator is a free tool that helps investors and traders manage and calculate their crypto assets.
It also offers a variety of resources for more in-depth insights into the cryptocurrency world, including guides, articles, videos, podcasts, and other information.
The platform is available in multiple languages, so users can read up on industry news from around the globe.
The service is free for all individual investors who want to learn more about one of the most interesting trends in technology today.
The cost per year for CryptoTaxCalculator is $29.
9. CoinTracking
CoinTracking is a platform that offers tools for individuals and businesses who want to track, analyze and report their crypto holdings.
It is a free service for people who just want to log their crypto activity and get a better understanding of where they stand in the game.
The software offers security, ease of use, and other features that make it easy to get started right away.
The platform also has a variety of paid services for businesses that want professional support managing their crypto-related taxes.
CoinTracking offers a variety of pricing options that can be tailored depending on each user’s needs and goals.
The cost per year for CoinTracking is $9.99.
10. CoinPanda
CoinPanda is a free tax filing service that helps crypto investors get the most out of their holdings.
The platform offers a variety of services, including a cryptocurrency calculator that allows users to get a better idea of what their holdings are worth in different currencies.
The platform is available in English and Chinese and can be helpful for investors who want to file taxes from around the world.
The cost per year for CoinPanda is $49.
What Is The Best Crypto Tax Software?
To be honest, there is not really any ONE best crypto tax software that is out there.
Some tax software programs will offer different features that might better suit your needs and demographic, while others might not be offered in your country.
It is always good to do your research and find a tax software program that fits your needs first and then find out what other options they offer.
Then I would find out about the costs and what others have said or reported about it on places like Reddit and other forums.
The good news is that most of the major tax software companies will allow you to export your data (for free) into a spreadsheet and then upload it to another website like Quicken or even TurboTax.
With that in mind, you also have the option of doing your own taxes instead of using software because it could be more flexible, and you can learn a lot more from the experience than just using some robotic tax software.
After all, “software robots” are just tools that automate parts of your job or save you time, but they can never teach you about how to do the job on their own.
So, to answer the question of what is the best tax software?
I have listed some of the best in my top 10 best crypto tax software in Australia above, I would bet that one of those programs would fit your needs the best.
Another great article: The 6 Best Multi Cryptocurrency Wallets You Can Use
Can You Avoid Tax On Cryptocurrency In Australia?
The answer to this question is yes.
You can purchase and sell cryptocurrency assets without paying a single cent in Australian income tax – as long as you meet the following conditions:
- You are not going to be selling or trading cryptocurrencies for commercial purposes (i.e. exchanges, mining, mining pools, etc.);
- You have not made any gains in your cryptocurrency trading (i.e. it hasn’t appreciated in value);
- Your cryptocurrency holdings are worth less than $10,000 at the end of the financial year; and finally…
- You have declared your crypto holdings and/or trades to the ATO and have achieved a tax offset or refund.
Keep in mind, you can’t just buy something, forget about it, and then claim to tax authorities that you haven’t gained anything or made any profits without getting into trouble with the law – so don’t try hiding things from the ATO.
Can The ATO Track Cryptocurrencies?
The answer to this question is no (at least at the moment).
As of the 1st October 2017, the ATO has decided to limit its monitoring to those cryptocurrencies that are Australian-based or otherwise have an Australian-based exchange that facilitates transactions.
This means that if you own a cryptocurrency traded on an exchange outside of Australia, it is not subject to ATO monitoring and taxation.
However, this does not mean that there are no tax consequences for holding cryptocurrencies – it just means you have less chance of getting caught by the authorities if you choose to keep your trading private.
Conclusion: Top 10 Best Crypto Taxes Software In Australia
In conclusion, as of the time of this writing, there is no perfect software out there for cryptocurrency tax management.
Some crypto tax software programs are more suitable for individuals and some are designed for more business-focused needs.
Finally, when it comes down to choosing what is the best cryptocurrency tax software in Australia – we have gone with what has been shown to be the most popular recommendations from the community at large.
Whether you decide to stick your hand in a cookie jar and pay your taxes on cryptocurrencies (like all the other people) or you simply want to find out what is the best cryptocurrency tax software – use this list as a starting point.
With that said, I hope you enjoyed my article about the best crypto tax software in Australia.
If you found my article helpful, please click on the social share buttons below and share my article with others.
Additionally, leave a comment below to share your favorite one or one that is not on the list that you are interested in.
Thank you for your support!
