ATO Sends Out Tax Reminders To Crypto Traders

Not too long ago, the ATO (Australian Tax Office) sent out emails to 350,000 cryptocurrency traders and investors reminding them that they must declare their cryptocurrency income revenue – leading to a massive spike in Google searches for “crypto tax”.

Tax Calculations Simplified

In 2018, software engineer Shane Brunette created a tool called CryptoTaxCalculator when he was confronted with a tangled web of crypto tax laws.

Hoping to prevent other crypto enthusiasts from facing the same challenges, he created the crypto tax calculator tool – which has since been integrated with the Aussie cryptocurrency exchange platform CoinSpot.

Shane noted that the use of the tool has grown exponentially since the emails started doing the rounds.

“The ATO has fired a warning message to all crypto investors to declare their taxes. The next step will be far less forgiving. Although we have been around for two years, we really started to see significant traction after the ATO emails. I think most cryptocurrency users in Australia have been pleading ignorance about their tax obligations, but the market is now more educated about cryptocurrency taxes. There really isn’t any more excuse for not doing your taxes.”

Although calculations for taxes owed due to crypto to crypto transactions can cost you a couple of sleepless nights when done manually, the CryptoTaxCalculator tool can help you do your paperwork in a matter of minutes.

 Crypto traders and investors can simply export their transaction data via a CSV file into the tool. In a couple of minutes, a report will be generated, containing everything an accountant may need.

The move by the Australian government also proves that cryptocurrency will be considered a major player on the financial market, on par with stocks and other investments.