How to do your Etax crypto taxes in Australia in 2024
Wondering whether Etax handles crypto? It does, but you'll need to use a crypto tax calculator as well. Learn how to report crypto on Etax in 2024.
With more than 2 million Australians using Etax to file their taxes last year, it’s one of the most popular tax filing software options. But if you’ve got crypto gains or income, you’ll need to report it using Etax too. Follow our simple guide on how to report crypto using Etax in 2024.
Does Etax do crypto?
Yes and no. Etax lets users easily report capital gains, losses, and income from sources including crypto - but it can’t actually calculate these gains, losses, income, or expenses for you. You’ll need the correct figures to file with Etax. A crypto tax calculator like Koinly can do this for you.
Remember, Koinly plans are fully tax deductible under the ATO rules.
Read next: How is crypto taxed in Australia?
Get set up on Koinly
Before you start filing your crypto tax on Etax, you need to get set up on Koinly so it can generate the ATO-compliant tax reports you need. It’s really easy, all you need to do is:
Connect all the wallets, exchanges, and blockchains you use via API or by uploading CSV files.
Let Koinly crunch the numbers
Review your tax summary page to make sure you’re happy with it
To download a report, upgrade to a paid plan from $59 AUD
Download the ATO Report from Koinly. You’ll need this report to file with Etax.
How to report crypto on Etax
1. Log in to eTax.
2. Select start my 2023 tax return.
3. Fill out your personal details and other income details - we’re only covering how to file crypto in these steps.
4. Scroll down to my income.
5. Select capital gains or losses. If you have crypto income (like staking rewards), select show more and then other income.
6. Scroll down to the capital gains or losses section.
7. Answer yes to the question did you have a CGT event during the year?
8. Answer the question have you applied an exemption or rollover as it applies to your circumstances.
9. Now head over to your Koinly ATO Report and go to the Capital Gains Summary section. Copy the figure next to net capital gains after the CGT discount. Paste this in the box next to net capital gain in Etax.
10. Head back to your ATO report. Copy the figure next to total current year capital gains. Paste this in the box next to total current year capital gains in Etax.
11. Fill out the information for net capital losses carried forward to later income years and credit for foreign resident capital gains withholding amounts as it applies to your circumstances.Â
12. Select yes or no for do you need a schedule as applies to your circumstances.
13. Attach your Koinly ATO Report. You’re done reporting your capital gains from crypto! If you have income to report, read on.
14. Scroll down to other income.
15. From the dropdown next to other income type, select other.
16. Enter a relevant description - for example, staking rewards.
17. In the box next to amount you received, enter the total figure from the Other Income Summary section of your Koinly ATO Report. You’re done reporting your crypto taxes using Etax.
Read next: How to file crypto tax with H&R Block
FAQs
Where do I enter crypto in Etax?
You’ll report gains or losses from crypto in the capital gains section of Etax and income from crypto in the other income section of Etax.
What’s the best crypto tax software for Etax?
Koinly is the leading crypto tax calculator in Australia (and globally). We pride ourselves on making it easy for Australian crypto investors to get all the information they need to file, whether they’re using Etax, H&R Block, myTax, or an accountant.
