[PRESS RELEASE AUSTIN, TX, USA July 30, 2019] CryptoTrader.Tax, a software development start-up and cryptocurrency tax calculator, 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 become a hot topic.
How do taxes on cryptocurrency 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.
“You can automatically import your cryptocurrency trades into the CryptoTrader.Tax platform. The software will automatically crunch your capital gains and losses numbers and generate the 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.”
About The Company
CryptoTrader.Tax boasts thousands of users on its platform today and has processed more than one billion dollars in cryptocurrency transactions. Getting started on your tax reports with the software is completely free.