Based on the Gold Coast, Australian firm Crest Accountants has an in-house cryptocurrency tax accounting team headed by Justin Fahey. Its specialised team knows the ins and outs of crypto tax compliance, particularly capital gains. And they stay up to date with the latest cryptocurrency news.
The Crest team will advise and ensure that you minimise your legal crypto tax liabilities including any capital gains tax. Given that this is a fairly new area in the tax field, it needs to be handled by an expert crypto accountant who will ensure that you pay what is due, not more and not less.
While it’s an established fact that tax applies to cryptocurrency, there is a lot of room for error. Simply put, the Australian Tax Office views cryptocurrency as property and a Capital Gains Tax asset for tax purposes.
However, the tax treatment of cryptocurrency is a widely misunderstood and complex area with a lot of room for misunderstanding and mistakes. That’s why it can be problematic to do it on your own. Many people even feel overwhelmed at the idea of calculating their own cryptocurrency tax obligations and outcomes.
This is why it’s so important that you have a cryptocurrency tax accountant who understands the cryptocurrency market, cryptocurrency prices and has systems in place to calculate your tax outcomes as efficiently as possible.
With the ATO cracking down on crypto tax evasion, you don’t want to risk unnecessary taxation penalties. Having a great crypto accountant like Crest Accountants can help save you from hefty tax bills. And keep in mind, that a qualified accountant can also make sure that you don’t miss out on any tax advantages that may have been created by cryptocurrency too.
With Crest Accountants, you don’t need to know the ins and outs of cryptocurrency and taxation laws, they’ll take care of all the calculations for you, ensuring that you have minimised your risk of penalties while maximising your ability to benefit from your crypto holdings.