This help page explains how cryptact supports Australia.
1. Who can use this service
Our services are designed for investors. Our services are primarily designed for those who fall under the investor classification as defined by the Australian Taxation Office (ATO). If you fall under the trader classification, please check with your own tax agent before using our services.
How to use cryptact - README first!
2. How to Use cryptact
From global exchanges like Binance, Coinbase, CoinJar, and CoinSpot to Swyftx, our service supports files and APIs over 170 exchanges enabling automatic capital gains calculations.
How to get trade histories from exchanges
For DeFi transactions, we are currently working on support for profit and loss calculations on DeFi transactions under Australian tax rules. At this time, while wallet addresses can be synced and transactions imported into cryptact, the results do not yet reflect Australian tax treatment. We will update the below help page and make an announcement once support is available. We apologize for the inconvenience.
DeFi: PNL calculation for each transaction type for Australia (Australia)
3. Reporting currencies
In the ledger settings screen, you can select the Australian dollar (AUD) as your reporting currency.
4.Calculation method
In the ledger settings screen, you can choose FIFO,HIHO,LIFO as the calculation method for the cost basis.
5. Ordinary income/capital gain/loss
Our service determines capital gain calculations for various transaction types based on ATO guidance and advice from tax accountants (e.g., capital gain/loss events or ordinary income). Our service makes it easy to find your income and capital gains, simplifying the tax filing process in Australia.
6. PNL calculation for each transaction type
For detailed information on the calculation methods for each transaction type, please refer to the help page below.
PNL calculation for each transaction type in cryptact for tax filing in Australia
7. Report download feature
With a paid cryptact plan and AUD set as your reporting currency in the ledger settings, you can download a range of reports to support both your Australian tax return and your own portfolio management. These include a Summary Report (by financial year), a Capital Gains and Losses Report (myTax-ready), and a full transaction history list. Please refer to these reports when completing your tax return in Australia.
How to generate tax reports and calculation result files