Proper record-keeping is essential for complying with ATO requirements. This involves maintaining accurate and detailed records of all your cryptocurrency transactions. Utilising third-party tax specialist tools can simplify the record keeping process.
Several software options are available in Australia to help you track and organise your crypto transactions. Some of the third-party providers that have direct integrations with BTC Markets are:
- Koinly: Connects to your crypto exchanges and wallets to automatically track transactions and generate tax reports, including capital gains and losses.
- Crypto Tax Calculator: This tool provides a comprehensive solution for tracking and reporting crypto transactions, helping you calculate your tax obligations accurately.
- Syla: Syla offers a user-friendly interface to manage your crypto portfolio and generate detailed tax reports, ensuring compliance with ATO regulations.
- Vault Accounting: This software provides robust features for tracking, managing, and reporting crypto transactions, making it easier to stay compliant.
Using these tools can assist in maintaining accurate records, making it easier to calculate your capital gains or losses and meet your tax obligations.
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