Free Crypto Tax Calculator Australia
< 12months
> 12months
Tax Rate :Nil + 19% of the excess over $18,200
Net Capital gains tax amount
$ 0
The tax you need to pay
$ 0
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With our range of features that you can equip for free, KoinX allows you to be more educated and aware of your tax reports.
Frequently Asked Questions
How are cryptocurrencies taxed in Australia?
The Australian Taxation Office (ATO) regards cryptocurrency as both property, which is subject to Capital Gains Tax (CGT), and income, which is subject to Income Tax. CGT applies when you sell, trade, gift, or make purchases using cryptocurrency. On the other hand, Income Tax applies when you receive cryptocurrency as payment for services, work, mining, staking, or other activities. To simplify tax calculations, consider using a free crypto tax calculator for Australia.
What's the difference between long-term and short-term capital gains?
The distinction between long-term and short-term capital gains lies in the duration of ownership. When you own an asset, such as cryptocurrency, for more than 12 months, any gains from its sale are categorised as long-term. These long-term gains often receive a 50% discount on the capital gains tax (CGT). In contrast, if you hold the asset for 12 months or less, the gains are considered short-term, and they are taxed at your regular income tax rate.
Do I have to pay tax on crypto-to-crypto transactions?
Yes, according to the ATO, when you trade one cryptocurrency for another, like NFTs, stablecoins, or tokens, it's seen as selling one asset to buy another, and any profit you make from this exchange is subject to Capital Gains Tax. To compute taxes for crypto-to-crypto transactions, you must determine the fair market value of your coins in AUD at both the acquisition and disposal times. However, this can be challenging because many exchanges use cryptocurrency as the standard for valuation.
Yes, according to the ATO, when you trade one cryptocurrency for another, like NFTs, stablecoins, or tokens, it's seen as selling one asset to buy another, and any profit you make from this exchange is subject to Capital Gains Tax. To compute taxes for crypto-to-crypto transactions, you must determine the fair market value of your coins in AUD at both the acquisition and disposal times. However, this can be challenging because many exchanges use cryptocurrency as the standard for valuation.
How do I lower my cryptocurrency taxes?
Here are the top 6 strategies for lowering your cryptocurrency taxes in Australia:
What is the minimum amount to invest?
The minimum amount to invest is $100. You can invest any amount above $100.
What is the minimum amount to invest?
The minimum amount to invest is $100. You can invest any amount above $100.
Income | Tax Rate |
---|---|
$0 - $18,200 | 0% |
$18,201 - $45,000 | Nil + 19% of the excess over $18,200 |
$45,001 - $120,000 | $5,092 + 32.5% of the excess over $45,000 |
$120,001 - $180,000 | $29,467 + 37% of the excess over $120,000 |
$180,001+ | $51,667 + 45% of the excess over $180,000 |
Capital Gains Tax
Calculate your capital gains or losses on cryptocurrency transactions using this formula:
Capital Gain/Loss = Capital Proceeds - Cost Basis
Note:
Capital Proceeds (sale value or any form of receipt)
Cost Basis (costs incurred to acquire, hold, and dispose of the asset)
Your tax rate depends on whether you held the cryptocurrency for more than 12 months (long-term) or less (short-term). Long-term gains receive a 50% discount.
Calculate your Australian crypto taxes accurately and effortlessly with KoinX's free crypto tax calculator for Australia. It simplifies the process, ensuring compliance with the latest tax rates and regulations making crypto tax calculations easy and precise.
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