Blue Orchid Accounting - Pattern

Crypto Tax Accountant

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Cryptocurrency Tax Returns —

Have you invested in cryptocurrency and need to lodge a return? The team at Blue Orchid Accounting’s here to help. We’ve got the expertise, open-mindedness and knack for problem-solving needed to cope with the chaotic world of crypto, so you know your financial situation’s in the best possible hands with us.

Backed by years of experience in the industry, we’ve adapted seamlessly to cryptocurrency accounting. Our crypto accountants are on hand to help Central Coast clients make sense of the foreign market, formulate crypto investment strategies, and manage capital gains and tax obligations.

Stay compliant with crypto law – contact Blue Orchid Accounting today on 1800 008 664.

Keeping Crypto Records

Crypto tax returns aren’t that different from your ordinary tax obligations. As with fiat currency, you need to maintain records of all your crypto assets and every transaction that takes place to calculate whether you’ve made capital gains or losses. These records might include receipts, transaction dates, exchange records, valuation records, digital wallet records, and software costs.

Managing your crypto records is crucial, as without good record-keeping you can’t meet your tax obligations. That’s where our Blue Orchid Accounting team comes in. From overseeing your taxation history to maintaining the safety of your records for as long as they’re needed, we’ll make sure they’re always accessible and compliant with Australian taxation law, so you won’t have any issues when it comes time to submit your tax return.

Cryptocurrency Coins Exchange On Phone
Cryptocurrency Coins On Keyboard

Crypto As A Personal Use Asset —

If you use crypto mainly for your own use, it’s considered a personal use asset. This form of crypto is usually acquired and used within a short space of time and may or may not attract a capital gain when you dispose of it. Crypto’s not considered a personal use asset when it’s kept or used as an investment, in a scheme that makes a profit, and in carrying out a business.

It’s important you know how your crypto is regarded when it comes to tax time – and our Blue Orchid Accounting team will help you understand your crypto, its classification, and how it needs to be managed.

Crypto Chain Splits

Chain splits occur when two or more competing versions of a blockchain, or the record of transactions of a crypto asset, exist. These versions will share the same transaction history until the split, where you’ll see their rules diverge. If you’ve received a new crypto asset due to a chain split, its value won’t be considered ordinary income or a capital gain, but you will need to calculate your gain or loss when you dispose of your asset in future.

It’s therefore crucial you have an expert on your side to help you make sense of your assets and their rights and relationships. Blue Orchid Accounting has the expertise and professionalism needed to understand the nature of chain splits and what they mean for your assets and your tax return.

Crypto Coin On Black Background
Woman Analysing Crypto Chart On Phone

Why Choose Blue Orchid Accounting For Crypto Tax Returns? —

Cryptocurrency is decentralised and volatile. Although there aren’t yet detailed regulations or laws in place regarding crypto, financial authorities and regulatory bodies do keep more of a close eye on crypto users. Complying with financial responsibilities and maintaining an investment structure is high-risk, highly personalised, and largely dependent on the cryptocurrency you hold and your particular details.

As a result, when you choose to invest in crypto you need a professional on your side who understands the importance of compliance and strong investment choices. And that professional’s Blue Orchid Accounting.

We’ve been in business since 2011, and are passionate about helping our Central Coast clients manage their taxation and accounting needs through our friendly, practical advice and strategic planning. Working with individuals and businesses alike, we’re on hand to help all our clients navigate the challenging crypto landscape.


Contact Us Today

Don’t hesitate to get in touch. Call Blue Orchid Accounting on 1800 008 664.