To accurately report your crypto tax in Australia, you need to be keeping detailed records of your transitions.
This applies, whether you’re buying, selling, trading, mining,etc.
The ATO requires that you record:
- The date of the transaction
- The AUD value of the cryptocurrency at the time of the transaction
- The purpose of the transaction e.g. purchase, trade, gift, mining payment, etc.
- Who the other entity involved in the transaction was e.g. your exchange, trading platform, person. At a minimum this could just be their cryptocurrency address.
- The receipts of purchase/transfer of your cryptocurrencyExchange records, e.g. CSVs
- Records of agents, accountants, and legal costs
- Digital wallet records and keys
- Software costs related to your tax affairs. E.g. accounting software such as Xero-