Filing your crypto taxes in Australia can feel confusing, especially when you’re dealing with multiple trades, like, staking, mining rewards, and DeFi earnings. You may wonder when to report, what to include, or whether that random token airdrop even counts as income. And with the ATO actively monitoring crypto transactions, guessing your way through tax season can be a risky move.
But here’s the good news: filing your crypto taxes doesn’t have to be that complicated. Whether you’ve made a few trades or managed a complex DeFi portfolio, the process becomes much easier when you know what the ATO expects and how to stay compliant.
In this guide, we’ll break down when and how to report, which forms to use, what records to keep, and the easiest way to file your crypto taxes in Australia, without the stress.
When Do You Need to File Crypto Taxes in Australia?
In Australia, the crypto tax reporting period aligns with the standard financial year, which runs from 1 July to 30 June. Any crypto-related gains, losses, or income you’ve made during this time must be included in your annual tax return.
If you’re filing your tax return yourself, the deadline is 31 October following the end of the financial year. But if you’re working with a registered tax agent, this deadline extends to 15 May of the following year, giving you extra time to organise your transactions.
Read More: Ultimate Guide on Crypto Taxes in Australia
What Crypto Transactions Must Be Reported?
The ATO treats crypto as property, which means crypto transactions are subjected to Capital Gains Tax and Income Tax rules. If you’ve sold, traded, or earned crypto during the financial year, even once, you’re legally required to report those activities, no matter how small the amount may seem.
Here’s a detailed table on which crypto transaction attracts which tax in Australia:
|
Crypto Events |
Category Of Event |
Type Of Taxes |
|
Buying Crypto With Fiat Currencies |
Cryptocurrency |
Tax-Free Transaction |
|
Buying and Holding Crypto |
Tax-Free Transaction |
|
|
Buying Crypto With Crypto |
Capital Gains Tax |
|
|
Selling Crypto For Fiat Currencies |
Capital Gains Tax |
|
|
Selling Crypto For Cryptocurrencies |
Capital Gains Tax |
|
|
Moving Crypto Between Wallets |
Tax-Free Transaction |
|
|
Transfer Fees |
Capital Gains Tax |
|
|
Adding Or Removing Liquidity |
Potential Capital Gains Tax |
|
|
Receiving An Airdrop |
Income Tax |
|
|
Selling Or Trading Of Airdrop Tokens |
Capital Gains Tax |
|
|
Receiving Crypto As Hard Fork |
Tax-Free Transaction |
|
|
Selling Hard Fork Crypto |
Capital Gains Tax |
|
|
Token Address Change |
Tax-Free Transaction |
|
|
Giving A Crypto Gift |
Capital Gains Tax |
|
|
Receiving A Crypto Gift |
Tax-Free Transaction |
|
|
Selling Your Crypto Gift |
Capital Gains Tax |
|
|
Donating Crypto To A Registered Charity |
Tax-Free Transaction |
|
|
Mining Crypto As A Hobby |
Tax-Free Transaction |
|
|
Selling Of Mined Crypto |
Capital Gains Tax |
|
|
Mining Crypto As A Business |
Income Tax (Can Claim Applicable Deductions) |
|
|
Receiving Staking Rewards |
Income Tax |
|
|
Selling Staking Rewards |
Capital Gains Tax |
|
|
Margin Trading and Derivatives |
Capital Gains Tax |
|
|
Contracts for Difference |
Income Tax |
|
|
Crypto Futures or Options |
Income Tax or Capital Gains Tax |
|
|
Spending Crypto For Personal Use |
Tax-Free Transaction |
|
|
Spending Crypto For Non-Personal Use |
Capital Gains Tax |
|
|
Spending Crypto With Gift Cards or Debit Cards |
Capital Gains Tax |
|
|
Gambling and Crypto Winnings |
Tax-Free Transaction |
|
|
Buying and Selling Crypto As a Business |
Income Tax |
|
|
Getting Paid In Crypto |
Income Tax |
|
|
Referral and Sign-up Bonuses |
Income Tax |
|
|
ICOs and IEOs |
Capital Gains Tax |
|
|
Yield Farming |
Income Tax |
|
|
Earning Through Play N Earn Crypto |
Income Tax |
|
|
Creating and Selling NFTs |
Non-Fungible Tokens (NFTs) |
Income Tax |
|
Royalties On NFTs |
Income Tax |
|
|
Buying NFTs |
Capital Gains Tax |
|
|
Selling NFTs |
Capital Gains Tax |
|
|
Swapping NFTs For One Another |
Capital Gains Tax |
|
|
Trading on DEXs |
Decentralised Finance Transactions (DeFi) |
Capital Gains Tax |
|
Adding/Removing Liquidity |
Capital Gains Tax |
|
|
Liquidity Mining Rewards |
Income Tax |
|
|
DeFi Staking (New Tokens Earned) |
Income Tax |
|
|
DeFi Staking (Value Accrual) |
Capital Gains Tax |
|
|
Yield Farming (New Tokens Earned) |
Income Tax |
|
|
Yield Farming (Value Accrual) |
Capital Gains Tax |
|
|
Lending (Token Received) |
Capital Gains Tax |
|
|
Lending (Rewards as New Tokens) |
Income Tax |
|
|
Borrowing With Collateral |
Capital Gains Tax |
|
|
Margin Trading |
Capital Gains Tax |
|
|
Derivatives Trading |
Capital Gains Tax |
|
|
Play-to-Earn Rewards |
Income Tax |
|
|
Token Wrapping |
Capital Gains Tax |
|
|
Transfer Fees |
Capital Gains Tax (Cautious) |
|
|
Transaction Fees |
Tax Deductible |
|
|
Token Rebases (Value-neutral) |
Not Taxed (Potentially) |
|
|
Token Rebases (Reward-based) |
Income Tax |
|
Documents and Records You Need Before Filing
Before you start filing your crypto taxes in Australia, make sure you’ve gathered all the right documents. Keeping accurate and organised records can save you from audits and reduce the risk of paying incorrect taxes. Here are the key records you must maintain:
Wallet Addresses and Exchange Accounts
The ATO requires visibility into all your wallet addresses and exchange accounts. You must maintain a list of all wallets, both hot and cold, and centralised or decentralised exchanges where you hold or have held crypto. This includes
- Public wallet addresses
- Exchange usernames and IDs
- Date of account creation or wallet setup
Crypto Transaction History
You must record every single transaction related to your crypto activity. This includes trades, purchases, sales, transfers, staking, and liquidity pool activity. Each record should mention:
- Date and time of transaction
- Type of transaction (buy, sell, swap, stake, etc.)
- Amount and type of cryptocurrency involved
- Value in AUD at the time of transaction
- Purpose of the transaction (personal use, investment, etc.)
Fiat Currency Deposit and Withdrawal Records
You should maintain a record of all fiat currency deposits to and withdrawals from crypto exchanges. These help in verifying the money flow and calculating capital gains or income. Include:
- Date of deposit or withdrawal
- Amount in AUD
- Source or destination (bank account, payment processor, etc.)
Capital Gains Tax Calculations (If Applicable)
If you’ve disposed of crypto assets, you must calculate capital gains or losses for each event. This requires:
- The acquisition date and cost base
- The disposal date and sale price
- Any associated transaction fees
- Calculated capital gain or loss for each event
If you held the asset for over 12 months, you may also be eligible for a 50% CGT discount.
Income Earned in Crypto
If you received crypto as income, through staking, play-to-earn games, freelancing, or interest, you must record:
- Date of receipt
- Fair market value in AUD on the date of receipt
- Source or protocol name
- Purpose of the payment (work, staking reward, etc.)
Record of Lost or Stolen Crypto
If you’ve lost access to a wallet or had your crypto stolen, you may be able to claim a capital loss. You’ll need:
- Proof of ownership
- Details and evidence of the loss
- Any efforts made to recover the assets
- Police or legal documentation if applicable
Read More: Can ATO Track Cryptocurrency?
Ways to File Your Crypto Taxes in Australia
Australian taxpayers have multiple methods to file their crypto taxes. Depending on your situation, technical comfort, or tax complexity, you can choose from the following options:
Lodge Through the myTax Portal (Online)
If you’re filing your taxes yourself without a registered tax agent, you can use the ATO’s official myTax portal. It’s available via your myGov account and is suitable for individuals with straightforward tax affairs.
How Does it Work?
- Log into your myGov account.
- Link your ATO profile (if not already done).
- Navigate to ‘Lodge Tax Return’.
- Manually enter income, deductions, and capital gains (including crypto).
- Use the CGT section to report crypto disposals.
Best for: Individual investors with basic crypto activities like buying, selling, or occasional staking.
Paper Forms: NAT 2541 and NAT 2679 (Offline)
While rarely used today, you can still file your return using paper forms. This is useful for those who prefer offline documentation or face issues with digital access.
- NAT 2541: Individual tax return form.
- NAT 2679: Capital Gains Tax (CGT) schedule, required if your capital gains exceed $10,000 AUD in the financial year.
How Does it Work?
- Download the forms from the ATO website.
- Manually fill in the relevant sections for income and CGT.
- Mail the completed forms to the ATO address listed on the forms.
Use a Registered Tax Agent or Accountant
Working with a registered tax agent gives you professional support, especially if your crypto transactions are complex or span multiple platforms.
What A Tax Agent Can Help With?
- Identifying whether your crypto gains are capital or income.
- Reporting lost or inaccessible assets.
- Claiming deductions and calculating your exact tax liability.
- Lodging your return via the ATO’s tax agent portal.
Key benefit: If you’re using a tax agent, your deadline is extended from 31 October to 15 May of the following year.
Read More: Everything On ATO’s Crypto Tax Letter
Step-by-Step Guide to Filing Crypto Taxes
Filing crypto taxes might seem complicated, but breaking it into steps can make it much easier. Here’s a clear process every Australian investor can follow:
Step 1: Collect All Your Crypto Transactions
Begin by gathering a complete history of your crypto activity for the financial year (1 July to 30 June). This includes:
- Purchases and sales of crypto
- Swaps between coins or tokens
- Airdrops, forks, staking rewards, and mining income
- Spending crypto on goods and services
- Transfers between wallets (only if relevant)
Download CSV files or statements from each exchange and wallet you’ve used.
Step 2: Categorise Each Transaction Type
Once collected, you need to sort each transaction based on ATO guidelines:
- Capital Gains Tax applies to disposals like sales, swaps, and spending.
- Income Tax applies to rewards from staking, lending, play-to-earn, and airdrops.
- Non-taxable transfers between your own wallets need documentation but aren’t taxed.
Using crypto tax software here can help automate this process.
Step 3: Calculate Capital Gains and Income
You must calculate:
- Capital Gains/Losses: For each disposal, subtract the cost base from the sale value.
- Crypto Income: Value your earnings in AUD on the date received.
Apply the 50% CGT discount if you held an asset for more than 12 months.
Step 4: Generate a Tax Report
Create a final crypto tax report that includes:
- A summary of capital gains and losses
- Income from all taxable crypto activities
- A breakdown of each transaction with time stamps and AUD values
- Any deductible expenses or transaction fees
Software tools can export this data in ATO-ready format.
Step 5: Lodge Your Tax Return
Use one of the following options to submit your return:
- Log into your myGov account and lodge via myTax.
- Work with a registered tax agent and provide them your crypto report.
- Mail completed paper forms (NAT 2541 + CGT schedule) to the ATO.
Make sure to lodge by 31 October (individuals) or 15 May (with an agent).
You must calculate:
- Capital Gains/Losses: For each disposal, subtract the cost base from the sale value.
- Crypto Income: Value your earnings in AUD on the date received.
Apply the 50% CGT discount if you held an asset for more than 12 months.
Read More: Steps To Avoid Crypto Taxes in Australia
Common Mistakes to Avoid While Reporting Cryptocurrency
Filing crypto taxes isn’t just about reporting gains. One small mistake can trigger audits, penalties, or missed deductions. Here are the most frequent errors to steer clear of:
Misreporting Swaps and DeFi Transactions
Many investors think swapping one crypto for another is tax-free. In reality, every swap is a taxable disposal under ATO rules. The same applies to DeFi activities like adding liquidity or yield farming. Failing to report these disposals correctly can result in underreported capital gains and future issues with the ATO.
Missing Crypto Income from Airdrops and Staking
Not all crypto earnings come from selling coins. If you received tokens through airdrops, staking rewards, or as part of play-to-earn games, the ATO considers this assessable income. Forgetting to include these in your tax return could lead to an incorrect income report and attract attention from the ATO.
Ignoring Transfers Between Wallets
While wallet-to-wallet transfers aren’t taxable, not tracking them properly can create confusion. If you can’t show a full audit trail of these movements, the ATO might treat them as disposals. Always maintain clear records for non-taxable transfers to avoid double taxation or disputes over cost base continuity.
Using Wrong AUD Values for Transactions
Crypto prices fluctuate constantly, so reporting transactions with incorrect AUD conversion values is a common mistake. You must use the fair market value in Australian Dollars on the exact date and time of each transaction. Relying on monthly averages or exchange estimates can cause incorrect capital gain or income calculations.
Forgetting the CGT Discount
If you held a crypto asset for more than 12 months before selling, you’re likely eligible for a 50% Capital Gains Tax discount. Many taxpayers forget to apply this, which leads to unnecessarily high tax liabilities. Always check your holding period before calculating gains to avoid overpaying.
How KoinX Helps You File Crypto Taxes Accurately?
Trying to manually track and file crypto taxes from dozens of exchanges, wallets, and DeFi apps can lead to costly errors. KoinX solves this exact problem by automating your entire crypto tax workflow, helping you file with full accuracy and zero stress.
Imports Crypto Transactions from 300+ Platforms
KoinX connects with over 300 exchanges, wallets, and blockchains including Binance, Coinbase, MetaMask, and Trust Wallet. You can sync all your historical and live crypto activity, swaps, airdrops, staking, and NFT trades, in a few clicks. This centralises your crypto tax data in one place and avoids missing any transactions.
Automatically Categorises and Tags All Activities
Once your data is imported, KoinX automatically categorises your crypto activities based on the ATO tax guidelines. Whether it’s a capital disposal, a staking reward, or a DeFi loan, KoinX identifies the correct label. This ensures your taxable events are sorted accurately without needing manual edits or guesswork.
Calculates Capital Gains and Income With Precision
KoinX uses the ATO-approved First-In-First-Out (FIFO) method to calculate capital gains and crypto income in AUD. It applies the 50% CGT discount for long-term holdings and distinguishes between short-term gains, regular income, and tax-free transfers. The tax reports generated are always compliant and audit-ready.
Exports ATO-Compliant Reports in One Click
With KoinX, you can download complete crypto tax reports for any financial year. These reports include transaction summaries, capital gains, income breakdowns, and supporting schedules that match ATO formats. You can upload them directly on myTax or send them to your accountant without edits.
KoinX makes crypto tax filing easy for Australian investors by offering end-to-end automation and compliance. You can avoid misreporting penalties and focus on investing smarter, join KoinX today and simplify your crypto taxes with just a few clicks.
Conclusion
Filing your crypto taxes in Australia doesn’t have to be confusing or stressful. As long as you understand your reporting obligations, keep clear records, and follow the ATO’s guidelines, you can stay fully compliant and avoid future penalties. Whether you’re a beginner or a seasoned investor, filing on time is the key.
If you’re unsure how to start or want to avoid errors from manual calculations, KoinX can take the pressure off your shoulders. It helps you auto-sync transactions, calculate taxes, and generate ATO-ready reports, all in minutes. Start using KoinX today and take the guesswork out of the crypto tax season.
Frequently Asked Questions
Do I Need to Report Crypto if I Didn’t Sell Anything?
Yes, you still need to report your crypto holdings if you earned income through staking, airdrops, or DeFi activities. Even if there was no sale, these earnings may still be taxable. It’s important to check whether any crypto activity generated assessable income or involved a disposal.
How Do I Report Crypto Received as a Gift?
If you receive crypto as a gift, it is generally not taxed at the time of receipt. However, if you later sell or swap the gifted crypto, you will need to report any resulting capital gains based on its market value on the date you received it.
What If I Lost Access to a Wallet with Crypto?
In some cases, the ATO may accept a capital loss claim if you have genuinely lost access to a crypto wallet. To do this, you need to prove ownership, document the loss, and show efforts made to recover the funds. Supporting records are essential for a valid claim.
Can I Deduct Crypto Transaction Fees on My Tax Return?
Yes, crypto transaction fees incurred during disposals such as sales or swaps are tax-deductible. These fees can be added to your cost base, which helps reduce your capital gain. However, transfer fees between wallets may not be deductible under the ATO’s cautious stance.
Do I Need to Use a Tax Agent to File Crypto Taxes?
No, you can file your crypto taxes yourself using the myTax portal. However, using a registered tax agent may help if your crypto activity is complex. A tax agent can also provide personalised advice and assist with proper recordkeeping and reporting.
