Australian Accountants on Managing Crypto Tax
Find out how other Australian accountants are managing clients who come to them with a crypto tax nightmare.
13 July 2023
2 minute read
Your client comes to you and tells you about some investment activity they’ve been doing on the side. They have most of the transactions recorded, except they’re all in different formats and don’t have a description. The assets look like they are out of a sci-fi novel and are priced in other seemingly imaginary assets, not AUD. Best of all, your client can’t remember what half of the transactions are.
What if we told you that this scenario isn’t actually imaginary, and is likely going to land in your inbox sooner rather than later. This is the reality of clients who invest in cryptocurrency.
Don’t get caught in the vortex that is crypto tax. Join thousands of other Australian accountants who are taking advantage of Australian-made Crypto Tax Calculator (CTC) to avoid this nightmare.
Jacinta from H&R Block shares her experience with CTC, stating, "Our clients range between the crypto-curious to active traders. Many are comfortable with trading apps but not familiar with the tax rules for crypto transactions. Our clients find it easy to upload data to the CTC platform and reconcile transactions so we can quickly pull reports for their tax returns."
Indeed, CTC is not only a tool for the accountants but also a platform that clients can comfortably engage with. Its user-friendly interface enables easy data uploads and transaction reconciliation, thereby promoting greater client involvement and understanding of their crypto transactions.
Rony from Valles Accountants echoes this sentiment, saying, "Valles Accountants caters to a diverse range of cryptocurrency clients. Utilising CTC, we streamline the process of importing transaction data from various cryptocurrency exchanges and wallets, effectively saving precious time and effort. The software ensures precise calculations by considering essential elements like capital gains, losses, and tax regulations specific to the client's jurisdiction."
Rony underscores how CTC handles the full spectrum of crypto transactions, thereby reducing the time spent on manual data management and calculation.
Callan from CryptoCate adds another dimension to the CTC advantage, stating, "Crypto data can be overwhelming for some clients. CTC is the perfect tool to help clients navigate the complexities of crypto data and provide a complete picture of their crypto activity. It helps us ensure our clients have a comprehensive understanding of their crypto transactions, and produce accurate financial reports that suit their unique needs."
CTC not only eases the accountant's work but also empowers clients, helping them unravel complex crypto transaction data. The platform’s comprehensive reporting capability ensures clients receive an accurate, holistic picture of their crypto activities, fostering better financial decisions.
In crypto-land, where complexity is the norm, Crypto Tax Calculator is the advantage that Australian accountants are taking advantage of to make the nightmare of crypto tax management more efficient and comprehensible for themselves and their clients.