Specialist cryptocurrency accounting services
Are you looking for a team that understand the technicalities of cryptocurrency accounting? TW Accounting can help. With so many different and emerging currencies, ledgers and transaction histories, cryptocurrency accounting can be both complex and time-consuming. As a result, many businesses and individuals are turning to specialised cryptocurrency accountants to help manage this aspect of their finances. We work with clients to create and maintain accurate records, financial statements and tax returns in relation to cryptocurrency portfolios.
How TW Accounting can help with your cryptocurrency accounting
Cryptocurrency tax returns
Gains and losses from trading or investing in digital currencies hold tax implications.If you have made money (or lost money) on cryptocurrency throughout the financial year, it needs to be reported on your annual tax return. There are tax breaks available for those who invest in cryptocurrency. There are also a number of deductions available for those who trade cryptocurrency, such as fees associated with buying or selling crypto, as well as any expenses incurred in the production of income from mining. If you’re feeling overwhelmed by the legalities of cryptocurrency reporting, or simply want the best outcome, TW Accounting can help.
Setting up cryptocurrency payments
With the growing acceptance of digital currencies, many businesses are considering whether they should start accepting cryptocurrency payments. There are a number of things to consider before making the switch or adding crypto payments to your offering. Cryptocurrency transactions are irreversible and Crypto prices can also be volatile, so you’ll need to decide whether you want to convert the payment into fiat currency immediately or hold onto the coin. Finally, you will need to choose a cryptocurrency wallet that supports the currencies you want to accept. TW can assist in considering these and other key factors, as well as assit in getting cryptocurrency payments set up for your business.
Cryptocurrency bookkeeping is an essential part of any business or organisation that deals with digital currencies. TW Accounting can provide clear and accurate records of your digital currency transactions. This way, you can be sure that your finances are in order and that you’re making sound decisions about your money.
TW can help with
- Cryptocurrency tax returns
- Setting up Cryptocurrency payments
- Cryptocurrency bookkeeping
- Cryptocurrency trader, miner and investor accounting
Due to the nature of cryptocurrency, there is no clear standard for cryptocurrency accounting, making it a complex area to navigate. Our TW team specialise in all areas of crypto accounting, ensuring your reporting is accurate and compliant.
Yes. It is important to record all crypto assets records and transactions, ensuring they are reported correctly for tax purposes.
Yes. For tax purposes, crypto, including cryptocurrency (e.g. Bitcoin), stable and game tokens and non-fungible tokens, are considered intangible assets for tax purposes in most circumstances.
In most circumstances you will need to pay tax on your net capital gains for the year on your crypto assets. Your Capital Gains (or losses) will need to be reported on your annual tax return. For this reason, it’s important to keep detailed records of all your crypto assets, including when you sell, gift, trade, make a purchase or convert your crypto asset to Australian or foreign currency.