With this expansion, Australian crypto users will easily be able to import their cryptocurrency trades and transactions into the CryptoTrader.Tax platform. The software will automatically crunch capital gains and losses numbers and generate necessary tax documents.
AUSTIN, Texas (PRWEB) July 16, 2019
CryptoTrader.Tax, a cryptocurrency software development start-up, has announced its expansion into Australia. With this expansion, Australian cryptocurrency users and traders will now be able to import their crypto data directly into the app for easy tax reporting.
Reporting Cryptocurrency on Taxes
After the Australian Tax Office (ATO) announced its plans to create a special task force focused on tackling cryptocurrency tax evasion, cryptocurrency tax compliance has became a hot topic.
How do Australian crypto taxes work? Fundamentally, capital gains tax (CGT) applies to cryptocurrency at the time it is disposed of. You dispose of cryptocurrency when you sell it, trade it for another cryptocurrency, or use it for a purchase etc. This capital gain is simply the difference between the AUD value of the cryptocurrency at the time of the disposition minus the AUD value of the cryptocurrency at the time it was acquired. In Australia and most other countries, you pay a tax on this capital gain. These calculations quickly become difficult to do by hand as the historical AUD price for all coins is not readily available. CryptoTrader.Tax automates the entire process for calculating your bitcoin taxes.
“We are very excited to be bringing the CryptoTrader.Tax service to Australia. With this expansion, Australian crypto users will easily be able to import their cryptocurrency trades and transactions into the platform. The software will automatically crunch capital gains and losses numbers and generate necessary tax documents,” said David Kemmerer, CEO and Co-Founder of CryptoTrader.Tax. “CryptoTrader.Tax makes it extremely easy to calculate your crypto tax liability and save time doing your taxes.”
CryptoTrader.Tax boasts thousands of users on its platform today and has processed more than one billion dollars in cryptocurrency transactions.
Minimize your tax liability: CryptoTrader.Tax calculates your crypto taxes using the same methods as tax professionals. It assures that you are paying the correct amount and minimizing your tax liability.
Easily Import your historical data: CryptoTrader.Tax makes it easy to import your trading history across all cryptocurrency exchanges. In less than 10 minutes, you can have the year's trading history ready for review.
Export your tax documents for easy filing: You can download your tax forms to either file yourself, send to your tax professional, or import into your preferred tax filing software.
CryptoTrader.Tax is available for free when you get started.