Crypto Accounting in Australia: What Investors and Businesses Need to Know
- Jenine L.
- 22 hours ago
- 2 min read
Cryptocurrency isn’t just a high-risk, high-reward investment, it’s a taxable asset in Australia. Whether you’re a day trader, long-term investor, or running a business that accepts crypto payments, understanding your accounting obligations is critical to staying compliant and avoiding ATO penalties.
Why Crypto Needs Specialist Accounting
The Australian Taxation Office (ATO) treats cryptocurrencies like Bitcoin, Ethereum, and stablecoins as property, not currency. That means capital gains tax (CGT) rules apply when you sell, trade, swap, gift, or convert them to fiat. Businesses accepting crypto as payment must record the value in Australian dollars at the time of the transaction and include it in their taxable income.
Common Crypto Accounting Challenges
Transaction Tracking – Each crypto trade, transfer, or swap must be tracked with dates, AUD values, and wallet addresses.
Complex CGT Events – Swapping one crypto for another still triggers CGT, even without converting to cash.
Airdrops, Staking & Mining Income – These are often taxable as ordinary income at market value when received.
Record Keeping – The ATO requires accurate, timestamped transaction records for at least five years.
Tools and Strategies for Crypto Accounting
Crypto Tax Software – Platforms like Koinly and CryptoTaxCalculator integrate with exchanges and wallets to automate reporting.
Professional Advice – A crypto-savvy accountant can help structure your trading or business activity for maximum tax efficiency.
Regular Reporting – Reconciling your crypto transactions quarterly makes EOFY far less stressful.
The Risks of Getting It Wrong
The ATO now receives data directly from Australian and global exchanges. Failure to report crypto income or gains can lead to interest, penalties, or audits. Many investors assume “it’s all anonymous”, it’s not.
How Dolman Bateman Can Help
Our team understands both the technology and the tax rules. We help Australian investors and businesses:
Track transactions across multiple wallets and exchanges
Prepare accurate CGT and income reports
Advise on tax-efficient trading and business structures
Represent you in case of an ATO review or audit
Book a crypto tax review today.
Disclaimer:
The information provided in this article is general in nature and does not constitute personal financial, legal or tax advice. All content relates to the current financial year only. Future changes to tax laws, thresholds or administrative requirements may affect the accuracy or relevance of this information, so you should always confirm that the guidance remains current. While every effort has been made to ensure accuracy at the time of publication, Dolman Bateman accepts no responsibility or liability for any loss or damage arising from reliance on this information. You should seek professional advice tailored to your circumstances before making any financial or tax decision.