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How to Navigate Australian Crypto Tax Rules

Australian Crypto Tax Guidance for 2024–25

How to Navigate Australian Crypto Tax Rules

If you bought, sold, traded, or used cryptocurrency last year, the Australian Taxation Office (ATO) expects you to report it. Australia treats cryptocurrency as property for tax purposes, not as foreign currency. This means that crypto transactions are generally subject to capital gains tax (CGT) rules, just like sales of stocks or property.

Whether you’re filing your crypto taxes for the first time or looking to avoid mistakes, this guide will walk you through what Australia’s crypto tax rules are, why they matter, and how to handle your reporting correctly (without going crazy in the process).

How Is Cryptocurrency Taxed in Australia?

In Australia, cryptocurrency is treated as a CGT asset. Whenever you dispose of crypto – for example by selling, trading, or spending it – you trigger a CGT event. You’ll need to calculate the capital gain or capital loss for each such event.

Here are the key points of how crypto is taxed:

  • Capital Gains Tax: Profit from disposing of crypto is subject to CGT. Gain = proceeds – cost base.
  • 50% CGT Discount: If you held the asset >12 months, you may apply a 50% discount on the gain.
  • Ordinary Income: Crypto received via mining, staking, or as payment is taxed as income at receipt.
  • Personal Use Exception: Rarely applies. Only if crypto is used immediately for personal goods/services and under $10K.

Who Needs to Report Crypto on Their Taxes?

You must declare if you:

  • Sold crypto for AUD
  • Traded one crypto for another
  • Used crypto to buy something
  • Gave crypto as a gift or donation
  • Earned crypto via mining, staking, airdrops, etc.

Note: Simply holding crypto isn’t a taxable event, but disposing of it is.

Investor vs Trader: Most people are classified as investors (CGT rules apply). If you trade frequently like a business, you may be classified as a trader, and gains are taxed as income.

How to Calculate Your Crypto Capital Gains (and Losses)

For each transaction, record:

  1. Asset description – e.g., "0.5 BTC"
  2. Date acquired / disposed
  3. Proceeds – Value in AUD when disposed
  4. Cost base – Purchase price + fees
  5. Capital gain/loss – Proceeds – Cost base

Transfers between your own wallets are not taxable, but fees paid in crypto may be.

Where to Report Crypto Totals on Your Tax Return

Use the Capital Gains section (question 18) of your tax return (or myTax online). Report:

  • Total capital gains
  • Total capital losses
  • Net capital gain

Apply the 50% discount to long-term gains before calculating the net gain. Crypto income (from mining/staking) is reported under "Other Income."

The 2024–25 tax year covers activity from 1 July 2024 to 30 June 2025. Self-lodgement deadline: 31 October 2025.

Common Mistakes to Avoid

  • Forgetting small transactions
  • Not tracking cost base accurately
  • Using incorrect AUD values
  • Only reporting gains, skipping losses
  • “Wash trading” to harvest fake losses
  • Thinking the ATO won’t notice (they will)

Tools That Make Crypto Tax Reporting Easier

If you have a high volume of crypto transactions or use multiple exchanges and wallets, calculating all of this manually can become time-consuming and error-prone. The good news is there are tools that can simplify the process.

Crypto tax software like Moonscape can help you streamline your tax reporting. Moonscape allows you to:

  • Import transactions automatically from exchanges and wallets, so you don’t have to gather CSVs or manually input every trade.
  • Calculate gains and losses for each transaction, converting prices to AUD and applying rules like the CGT discount where appropriate.
  • Keep organized records of all your crypto activity in one place.
  • Generate ready-to-use tax reports you or your accountant can use to fill in your return.

Using a tool like Moonscape not only saves time but also reduces the chance of calculation errors. Let the software do the heavy lifting, then review the output for accuracy.

Moonscape is built for crypto investors who want clarity, not chaos. Try it free at moonscape.app.

Final Thoughts on Staying Compliant with Crypto Taxes

Crypto tax compliance isn’t optional. The ATO is tracking it, and failure to report can lead to penalties. But with the right tools and understanding, it doesn’t have to be stressful.

Stay on top of your records, use Moonscape to simplify the grunt work, and get professional help if you need it. That way, you can focus on your crypto portfolio—not on tax stress.

Further reading if you need it!