Michelle Legge
By Michelle LeggeHead of Crypto Tax Education
Updated May 23, 2024
This article has been fact checked and reviewed as per our editorial policy.

How to do your H&R Block Crypto Taxes in Australia 2024

Wondering whether H&R Block does crypto? It does! But you'll need to use a crypto tax calculator too. Learn how to report H&R Block crypto taxes in 2024.

With more than 700,000 users in Australia using H&R Block to file their taxes, H&R Block is one of the largest tax filing services in the country. If you’ve got crypto gains or income, you’ll need to report it using H&R Block. Follow our simple guide on how to report H&R Block crypto taxes in 2024.

Does H&R Block do crypto?

Yes and no. H&R Block allows users to easily report capital gains and income from a variety of sources including crypto, but it can’t actually calculate your crypto gains, losses, income, and expenses for you. You’ll need a crypto tax calculator like Koinly to do that.

Remember, Koinly plans are fully tax deductible under the ATO rules.

Banner inviting Australian crypto tax investors to read Koinly's Australia Crypto Tax Guide

Get set up on Koinly

Before you start filing on H&R Block, you need to get set up on Koinly so it can generate the tax reports you need. It’s really easy, all you need to do is:

  1. Sign up to Koinly free

  2. Connect all the wallets, exchanges, and blockchains you use via API or by uploading CSV files

  3. Let Koinly crunch the numbers

  4. Review your tax summary page to make sure you’re happy with it

  5. To download a report, upgrade to a paid plan from $59

  6. Download the Complete Tax Report from Koinly. You’ll need this report to file with H&R Block.

How to report crypto in H&R Block

1. Log in to H&R Block.
2. In the left hand select prepare, then select income.
3. Check capital gains and then save and continue. If you have income from crypto (for example, staking rewards), you’ll also need to check other income.

4. Select add record.
5. Under description, enter a relevant description, for example, crypto sales.
6. Under asset category, select cryptocurrency from the drop-down menu.
7. Now head over to your Koinly Complete Tax Report and go to the Capital Gains Summary section. Copy the figure next to short term under profits, before losses. Paste this in the box next to short term capital gains in H&R Block.
8. Head back to your Complete Tax Report. Copy the figure next to long term under profits, before losses. Paste this in the box next to long term capital gains in H&R Block.
9. Back in your Complete Tax Report, copy the figure next to losses in the Capital Gains Summary section. Paste this into the box next to total capital losses in H&R Block.
10. If you have applicable and allowable expenses, you’ll find these in the expenses section of your Koinly Complete Tax Report and can copy and paste these into H&R Block. Please note, some of these expenses like transfer fees, are grey areas for the ATO, so it’s advisable to speak to an accountant about which are allowable. 
11. Select save and continue when you’re done.
12. If you have any applicable capital losses you’re carrying forward, enter these on the following page. If you’ve used H&R Block to file in previous years, this figure may be automatically included.

13. Select save and continue. You’re done reporting your capital gains from crypto. If you have income from crypto, continue following the steps below.
14. On the other income summary page, select add record.
15. Under description, select other non-provisional income.
16. Enter the total figure from the Income Summary section of your Koinly Complete Tax Report.
17. Select save & continue. You’re done reporting your crypto income!

18. Include all the other information you need in your H&R Block tax return and you’re done filing your lodgement for 2023-2024!

A banner with the Australian flag inviting crypto investors to get their Australia crypto tax report from Koinly, a crypto tax software

FAQs

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Disclaimer
The information on this website is for general information only. It should not be taken as constituting professional advice from Koinly. Koinly is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances. Koinly is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.
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