Free Crypto Tax Calculator: Where Can I Find One?
Is there a free crypto tax calculator? There are three answers here. Yes, no, and we have discount codes to some really good ones that make them much cheaper. Free crypto tax calculator: is there such a thing? If you’ve dabbled in any cryptocurrency trading this financial year in Australia, you'll need to consider the tax implications.
Any cryptocurrency transaction, including buying, selling, trading, mining, staking, giving, or receiving, must be reported on your tax return. This requirement applies regardless of where the transaction occurred — be it Australia, the United States, or even a remote tax haven in the Pacific.
Essentially, if you’ve used crypto, the tax man wants to know about it.
However, calculating your cryptocurrency tax can be complex, with various factors to consider when preparing your tax return.
There is a really comprehensive article here if you want to speed up your knowledge before you choose a crypto tax calculator.
Does the ATO track your crypto trades?
Yes, the ATO closely monitors cryptocurrency transactions through its crypto-assets data matching program, which has been in place since the 2014-15 financial year. It’s crucial to keep accurate records of these transactions. All Australian crypto exchanges that are registered with AUSTRAC are required by law to share data with the ATO.
#Free crypto tax calculator / Free crypto tax software
Are there free crypto tax calculators? Yes, there are. But unfortunately, the most well-known one, at crypto.com, is deprecated, may not be accurate, and it is being retired very soon.
Free trial periods
There are crypto tax software companies that have free trial periods and offer free initial calculations. But to do anything meaningful, you are going to need to get a subscription to one of the companies that offer crypto tax calculators.
So your best bet is to actually subscribe to a paid service. The good news here is that we have some discount codes for you.
Automate your tax return
Crypto accounting apps like Crypto Tax Calculator, Koinly, Syla, Koinx, and CoinLedger can help. These programs track all your transactions in real-time, regardless of where and when they occur.
At the end of the financial year, they compile your transaction history into a document that details your capital gains and losses in Australian dollars. This makes it easier to assess your tax obligations and monitor your overall portfolio performance.
CoinJar now offers full, secure transaction integration with multiple crypto tax calculators. This means any cryptocurrency transaction conducted on CoinJar will be directly transferred to your chosen crypto tax software account. This means you will be ahead of the game at tax time.
Special offers for CoinJar users
Crypto Tax Calculator
CTC is an option. You can use the code COINJARAU at checkout for 30% off any paid plan. CTC is Australian-owned and built to support ATO guidelines.
This discount is for new Crypto Tax Calculator sign ups. Discount valid for first year only. Code expires 31 July 2024.
Syla
Syla says their report is optimised to save you tax. For the first year of their Budget plan, you pay only $5. The code CJ5 can be used at the checkout for before 30 July 2024. This is valid for only the first 1,000 subscriptions to the Budget plan.
For anyone who missed out on the first promotion, or needs a different plan. Enjoy a 50% discount on your first year with any Syla subscription.
Use Code: CJ50, at the checkout, before 31 October 2024. Valid across all plans.
Koinx
Koinx has integrated with CoinJar. And they are offering 50% off. Use this link before 31/10/2024.
Koinly
Koinly is giving 30% off the first Koinly tax report you generate. Use the code COINJAR24 at the checkout.
There are some T&Cs.
-This offer cannot be used in conjunction with any other offer.
-Excludes Koinly CPA and B2B customers.
-One use per customer, new customers only.
-Koinly reserves the right to end the offer at any time.
CoinLedger
CoinLedger is offering 25% off the first tax report. Use COINJAR at checkout. Offer ends 31/10/24.
Terms and conditions of offers
Links to third-party websites will open new browser windows. Except where noted, CoinJar accepts no responsibility for the content on third-party websites.
Important: CoinJar Australia Pty Ltd does not warrant the adequacy, accuracy or completeness of any tax calculation by any app, including those mentioned above and CoinJar expressly disclaims any liability for errors or omissions therein.
Users are personally responsible for evaluating the accuracy, completeness or usefulness of any information or other content available on these sites.
If you use the above services, remember they are not provided by CoinJar. You’ll be subject to the applicable terms and conditions of use for these products, including a separate privacy policy, which may differ from CoinJar’s privacy policy. You should read and understand all applicable terms before using them.
You should read and understand all applicable terms for the above crypto tax software before using them.
Links to third-party websites will open new browser windows. Except where noted, CoinJar accepts no responsibility for the content on third-party websites.
Frequently asked questions
What types of taxes do I need to pay on selling cryptocurrency, buying cryptocurrency and trading crypto, and how are they calculated?
Cryptocurrency is subject to both capital gains and income tax in Australia. Capital gains tax applies when you sell, trade, or spend cryptocurrency, and is calculated based on the difference between your cost basis (the price you paid for the crypto) and the selling price.
Income tax may apply if you earn cryptocurrency through activities like mining, staking, or receiving it as payment for goods or services. The tax rate you pay depends on whether the crypto was held for more than 12 months (long term) or less than 12 months (short term).
How can a free crypto tax calculator help me calculate my tax liability?
A free crypto tax calculator can help you determine your tax liability by aggregating your crypto transactions, calculating capital gains and losses, and categorizing transactions as either ordinary income or capital gains.
This information can be used to estimate your total tax due, which you can then report on your tax return.
Do I have to pay capital gains tax on crypto-to-crypto transactions?
Yes, crypto-to-crypto transactions are considered taxable events in Australia. Each time you trade one cryptocurrency for another, you are essentially disposing of the original crypto, which triggers a capital gain or loss calculation. You can calculate tax on crypto using a crypto tax calculator.
Are there any situations where I don't have to pay tax on cryptocurrency?
You generally don't have to pay tax on cryptocurrency if you are simply buying and holding it. However, if you sell, trade, or use it to purchase goods or services, you will likely trigger a taxable event.
Additionally, donating cryptocurrency to a registered charity is generally exempt from capital gains tax.
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