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Professionals with Cryptocurrency

Have you considered or already partaken in the cryptocurrency and digital asset world of investing? If you have, then you’re most likely aware that like any investment, it still attracts tax obligations from the ATO. Luckily, ITP Qld is a professional across this lively asset class and has all the expertise to help you prepare your crypto position and maximise any potential returns.

Tokens, Coins, NFT’s, Wallets & Exchanges

Every buy, sell and/or exchange of a cryptocurrency, will most likely attract CGT. Let ITP help prepare your crypto tax position, with the latest, simplified and compliant solutions available.

Mining Blockchains

You’re a miner? Great, the blockchains can’t exist without you. Nor can mining exist without your investments and capital expenditure. We invite you to let a tax professional make the most of your tax obligations, as you make the most out of web3.

Staking, Yields, Farming and Airdrops

The crypto world offers numerous and attractive ways to earn extra income, some with reciprocal risk. As with any income, each individual activity will register as a CGT event. ITP can help you consolidate these, and make the most of the extra income you may make.

Implications and Considerations

Cryptocurrencies and/or digital assets have emerged as a new investment class for a new generation of investors. Albeit volatile, the attraction includes enticing returns (and losses) from blockchain networks, digital tokens, stable coins, NFT’s, and all things DeFi. (And that’s just the beginning.)

From a tax perspective, cryptocurrency and its tax obligations can be overwhelming. Numerous transactions can be made very quickly, and in a short space of time can turn into a sizeable amount of taxable type activity - that must be recorded. So whether you HODL, swing trade, day trade or just dabble, the obligations are all the same. And as the investment class continues to grow, so does the scrutiny from the ATO, no matter what level of investor you are.

How we Prepare you for Greatness

  • Guaranteed Maximise Returns – as always our pledge to all our customers is to claim every possible and legitimate deduction available.
  • Up-to-date knowledge of the ATO’s requirements regarding crypto and digital investing.
  • Recommendations of the best recording methods to help consolidate all crypto activities.
  • All-year advice and representation with the ATO and the reduced likelihood of penalties or audits should the ATO dispute any claims made.
  • Peace of mind regarding evolving obligations of this new asset class - in terms of recording activity, declarations, capital gains and losses, preparation and lodgement.
  • Of course, preparing your tax return with a professional is a tax deduction in itself.

If you’re considering the crypto investment space or are already an active investor, then be sure to consider the advantages of using a professional to help maximise any crypto position. Do you still have questions? Contact an ITP Consultant today.

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