Top 5 Crypto Tax Software in Australia

As the crypto industry has grown significantly throughout the 2020s, more Australians than ever have digital assets in their portfolio. With this increased interest has come greater scrutiny from the Australian Tax Office (ATO) on crypto-related investments. Ensuring you meet all of your tax obligations come EOFY can save headaches in the long run. However, managing crypto tax can be a little complex – which is why using automated tax software can be a lifesaver. 

Best Crypto Tax Software Australia

1. Crypto Tax Calculator

Crypto Tax Calculator is an ‘Australian-made and owned’ crypto tax solution designed for crypto investors, traders and businesses. CTC turns complex blockchain data into CPA approved tax reports and is an official global tax partner of Coinbase and MetaMask.

Related: Read our full Crypto Tax Calculator review

CTC handles everything from exchange trading to complex on-chain activity and has an impressive 4.8/5 score on TrustPilot, suggesting excellent customer service. 

Crypto Tax Calculator supports over 1000 exchanges, wallets and blockchains. Transactions can be easily imported from a variety of local exchanges, as well as wallets and DeFi platforms. 

Data from blockchains themselves can also be imported, making it an excellent option for users with a lot of on-chain activity.

Once all of your transaction data is imported, you can access tax reports that can be passed to your accountant or used to file directly with the ATO via myTax. 

Features

• Full support for the unique ATO reporting requirements, including Australian-specific rules around personal use, mining, staking, and airdrops.
• Up to 100,000 transactions. Crypto Tax Calculator’s Trader plan allows you to track and report up to 100,000 transactions.
• Least Tax First Out algorithm helps keep taxes low
• Tailored support for DeFi Protocols, Exchanges, NFTs, Blockchains.
• Over 3500+ supported integrations including 150+ leading exchanges, 500+ wallets and an incredible 2,300+ DeFi protocols. 
• Supports complex transactions across mainstream exchanges through to fringe protocols, with over 300k currencies.
• Fully automated and enables seamless import transactions through an automated workflow which produces audit-proof tax reports.
• The team is equipped with deep crypto tax knowledge, and support is available 24/7 to help users.
• Intuitive user interface which quickly shows portfolio gains, losses, deposits and more.
• Customisable transactions to ensure all data is correct and neatly sorted.

Cost

• Rookie Plan: $49/year
• Hobbyist Plan: $129/year
• Investor Plan: $249/year
• Trader Plan: $399/year

2. Syla

Syla is an Australian company that provides an AI-powered solution for managing crypto-related tax obligations. The service is specifically designed to satisfy the ATO’s stringent tax laws, letting Aussie customers rest easy. Whether you’re an individual, SMSF (with cryptocurrency), Trust or Company,  you can easily generate an ATO tax report that is optimised to save you tax. 

Related: Syla review

We selected Syla as our number 1 choice due to:

• value for money on the Budget plan,
• built exclusively for Australian tax,
• advanced tax optimisation.

Syla’s API can be integrated with most prominent crypto exchanges and wallets, including Swyftx and Metamask. This means profits, losses and portfolio performance can be automatically updated as soon as transactions are settled. The software can also manage more complex crypto activities, including DeFi, NFTs, airdrops, borrowing and lending to ensure your tax report is as accurate as possible.

The company pioneered a unique parcel-matching algorithm that analyses all your transactions to ensure you’re paying the lowest tax legally possible. This method is called LTFO – or Lowest-Tax First-Out, and is a key feature in the Syla package (although only available at higher tiers).

Syla positions itself as a great-value option, with even the cheapest plan (at AUD $59/year) supporting up to 10,000 transactions. For the everyday investor, this should be more than enough to cover trades across all corners of the crypto sphere – even for avid DeFi users. The Private Wealth plan extends support up to 100,000 transactions for those with extensive bot trading.

Features

• Smart Classification technology to ensure all transactions and disposal events are sorted properly
• Integration with over 500 platforms, including major exchanges such as Binance, Swyftx and Coinbase
• Doubles up as a portfolio tracker with accurate data showing performance based on historic and recent trades
• Support for up to 100,000 transactions for active traders and bot trading.
• Live chat for customer support during regular business hours (9am to 6pm)
• Proprietary Lowest Tax First Out (LTFO) sorting method that can make tax obligations lower than other reporting formats
• The team recently rolled out a private wealth suite specifically to address unique investors like SMSFs, Trusts, and businesses

Cost

• Budget Plan: $59/year
• Assurance Plan: $149/year
• Tax Saving Plan: $249/year
• Private Wealth Plan: $389/year

3. Koinly

Koinly is an online crypto tax service platform for regular and retail investors. The company’s software manages your connected crypto portfolios and monitors all transactions. By generating regulatory tax reports on each transaction, it helps you create accurate and timely tax reports come EOFY. 

Whenever you are trading, mining or lending, anything happening on your connected wallet(s) will be tracked by Koinly. The software provides detailed reports on every event and calculates the exact tax obligation – including any deductible losses like fees. Koinly’s API can be integrated with local exchanges like Swyftx, further automating and simplifying the tax-time process for crypto investors.

Features

• Offers Australian-focussed tax reports to ensure all ATO obligations are met
• Koinly can be integrated with 850+ wallets and exchanges, include Australian-based platforms like Swyftx
• The software excels at recording more complex crypto events, such as DeFi transactions and leveraged trading
• Simple user interface to quickly see portfolio performance, unrealised gains and potential capital gains through different timeframes
• A free trial version with basic features for small-time investors

Cost

• Free Plan: $0/year
• Newbie Plan: $49/year
• HODLER Plan: $99/year
• Trader Plan: $199/year

4. BlockPit

Accointing (now BlockPit) is a crypto portfolio management and tax platform developed by prominent analysts and data hub Glass Node. The software allows crypto traders and enthusiasts to import, track, and manage their transactions as well as generate a tax report during tax season according to the user’s jurisdiction. This includes ATO-compliant settings for Australian investors.

Minimalist yet comprehensive, this platform shows all relevant information regarding crypto wallet management on its screen (which is accessible via smartphone). At the same time, the dashboard lets users deep dive into prices and market capitalisations with a simple tap. 

BlockPit works by collecting data from exchanges connected directly via APIs. Wallets can also be added using public addresses, and for very obscure coins, manual uploads of transaction data is possible. 

Features

• Unique “trading tax optimiser” feature which can advise harvesting certain losses and reducing positions based on what will lower your tax obligations
• There are several integration methods, including direct API connections, wallet addresses or CSV support
• BlockPit includes support for NFTs and any tax events that come with their ownership
• Blockchain data can be imported for over 250,000 assets
• Specific solutions for validators and miners who’ve earned significant income throughout the financial year

Cost

• Lite Plan: USD $49/year
• Basic Plan: USD $109/year
• Pro Plan: USD $269/year
• Unlimited Plan: USD $639/year

5. CoinLedger

CoinLedger is one of the oldest crypto tax companies in the industry, having started out as CryptoTraderTax back in 2018. The software has over 500,000 users and supports investors from around the globe – including Australia. The team is one of the most trusted brands in the community and has an excellent reputation for stellar customer service and reliable tax reports.

Like most tax software, investors can link their exchange accounts, wallets and dApp activity to input transaction data. CoinLedger can also import historical data from lesser-known sources such as support for NFTs and staking platforms. The platform allows wallets from hundreds of blockchains, meaning complex DeFi transactions won’t be left out of your annual tax report.

Features

• One of few crypto tax software options that allow unlimited transaction processing, perfect for high-frequency/volume traders
• CoinLedger is renowned for its NFT support, with dedicated integration for OpenSea and other Ether-based NFT platforms
• An in-built portfolio tracker which shows current gains/losses, as well as past performance on a yearly, monthly or weekly basis
• Integrations with hundreds of wallets, blockchain ecosystems and exchanges, including Aussie platforms like Swyftx
• A free plan for traders that just want to try out crypto tax software before parting with their hard-earned money

Cost

• Free Plan: $0/year
• Hobbyist Plan: USD $49/year
• Investor Plan: USD $99/year
• Pro Plan: USD $199+/year (investors can buy support for additional transactions if required)

How Does Crypto Tax Software Work?

Crypto tax software is intended to simplify the tax reporting process come the end of the financial year. Most products draw transaction data from connected exchanges, wallets and DeFi platforms to accurately reflect profits and losses throughout a year. 

The value you paid for any given asset is timestamped using historic pricing data to ensure all tax events are correctly represented. Some tax software will even bundle profits/losses and disposals in a certain way to lower tax than if sorted by hand.

From here, investors can review the transactions to make sure everything is correct. Once verified, the tax software will generate a report showing capital gains, losses and other crypto income. This report can be submitted directly to an accountant or to the ATO.

How We Chose the Best Crypto Tax Software in Australia

There are several elements for Aussies to consider when selecting the best crypto tax software for their needs. We analysed:

• Costs. Small-time investors won’t want to spend too much on accounting software, so budgeting is always an important consideration when it comes to any product.
• Local tax guidelines. There’s no point using tax software if it only abides by US tax regulations. We’ve handpicked platforms that are designed to meet all ATO guidelines.
• Customer service. Tax-time can be confusing even for the experienced, so having strong customer support is always a must for any accounting-based software.
• User interface. All of the software represented on this list boasts intuitive, easy-to-use interfaces that make it a breeze to integrate platforms and generate tax reports.
• Integrations. Having everything automated leaves less room for error when filing your taxes. The more integrations a tax software supports, the better, as this means it will automatically update and sort your transactions as soon as they happen. The less spreadsheets the better!

How Is Crypto Taxed in Australia?

Cryptocurrency is usually taxed as a property in Australia, meaning it is often subject to Capital Gains Tax (CGT) obligations. CGT events occur at “disposal” – so any time you sell, swap, gift or spend crypto. Regardless of whether you have profited or lost value from the time of purchase to the time of disposal, this must be reported to the ATO. For higher-volume traders or those that use DeFi services, keeping on top of thousands of disposal events can be a nightmare. 

Note that there are exceptions to the above and it’s worth consulting the ATO’s website for more specific details. 

What if I Need a Crypto Tax Professional?

Today’s crypto tax software is incredibly powerful and streamlined. Because it’s developed specifically for the crypto industry, it can handle complex matters like staking, liquidity mining and NFTs. 

However, there may be instances where businesses, professional investors or even individual entities may need the personal touch of a human. Luckily, there are now many Australian accountants that specialise in digital assets to ensure you’re getting the best financial support. For example, one of Syla’s co-founders also operates the Australian accounting firm Kova Tax, which is designed to assist local crypto investors. 

Presented by Syla