If you're interested in trying out Crypto Tax Calculator, use the code BFF2020 as the following link for 20% off your first purchase -cryptotaxcalculator.io?fpr=xo5ak
Can you do an update on CTC as I'm finding they are still having issues with matching totals as per exchange on my end. This is frustrating and should have been fixed by now if they claim to be one of the highest ranking tax software. Theyre asking me for backend access to my account to investigate the issue (which I'm hoping is not some sort of scam ) Is there another software you recommend other than koinly as second choice? Thanks
@@EthanRooshock that sux.. I hope that wouldn't affect final tax balances. Silly question, but by giving them backend access would this allow my account to be compromised in any way ?.. just paranoid about anything in crypto. Thanks again.
Hi Ethan I’d like to file my tax return with you next year. I hold but recently staked some coins (now I’m just wondering if its even worth staking cos its only couple of dollars). I’m on binance. What can I do to prepare and make your job easier?
Hey Christie, main thing would be to make sure you are using some form of Crypto Tax Software (such as Crypto Tax Calculator). This will make tracking things much easier!
So I have my own SMSF, this year was the first year I have traded on a Dex with it, and currently store tokens in a metamask wallet. The independent auditor won't have any clue how to audit my account. Everything is compeltly separate from my personal holdings but smsf buying and selling NFTs I can tell I'm going to have to explain the whole thing to them any suggestions? Also I mean how's tax going to work if your using a mixer like tornado cash ?
Well you will definitely need to speak to your auditor as they are the ones who will need to audit it. I would highly recommend you speak to them well before you invest in anything new to make sure they will still be able to audit it.
Hi Ethan, love your channel and all the information and advise you've published. Thank you. I have a question. How are fees (in crypto asset) treated by ATO? For example I bought 100 ADA from Coinspot. I move the asset to a personal wallet whereby Coinspot charges a fee of 1 ADA. Some suggests that it should be treated as a CGT event. Is this so?
Thanks! Well in that situation you’ve disposed of 1 ADA, so that is a CGT event (based on whether you have made a profit/loss on the ADA). It also creates a potential expense or addition to the cost base for the value of the 1 ADA
@@EthanRooshock I am still tossing up between signing up with Koinly or CTC. What is your recommendation? I have quite a large number of transactions and have gone into staking, LP, etc The number of transactions has turned into a nightmare for me.
Hi Ethan hope you well. Mate, I purchased that Crypto tax calculator, but I'm a little confused. In the report were it says "overall gain".....is that what I have to pay the ATO? Because I noticed that they didn't subtract the initial outlay for the asset when bought. Example: buy for $200 sold at $300, profit of $100, but the whole $300 was added to the overall gain. Can you help please. Sorry to bug you, mate. I've tried talking to crypto tax calculator, but I don't think they are understanding. Thanks.
You will only pay tax on the gain. If it is showing the whole $300 as profit in that situation, something isn't entered correctly. Make sure you have nothing showing "Missing Cost Base".
@@EthanRooshock Yeah I have been mucking around with it and I think I'm missing some pricing (not picking up the buy). I've uploaded all wallets, but think it may be because, swapped asset for USDC and sent to coinspot then sold it and then bought other asset on coinspot. Think the problem is in there somewhere. Maybe thats why cant see the buy. Thanks again for the quick reply....really appreciate it.
Hi Ethan. Great video and detail. I know it's a while since you did it. Using CTC for first time and have so many issues that I'm trying to resolve with them (they are great responding). Have done API sync with exchange, but they are now asking because of the issues if I have imported my Ledger wallet onto their platform. Is this correct to do this ? Report shows transfers to wallet, the source and the destination address, but now asks me to correct this. "Send" is the correct transaction movement. Would have thought that an API sync extracts the data in full and correctly. Am I using the wrong platform to do my taxes when it should be so easy and clean, especially for a simple wallet transfers from the exchange (main errors). Thoughts ?
Glad you've found the video helpful! If you've transferred from an exchange to another wallet you own, you would need to import that wallet for the software to allow you to properly reconcile. You then the corresponding send and receive for it to match as a transfer.
@@EthanRooshock Thanks Ethan. Not sure how to import the wallet to the software without compromising my security as I'm relatively new to Crypto and the CTC program. The report is already showing the correct destination address from the data link up between the 2 . Anyway, I've asked CTC to clarify. I only need to be shown how to download this wallet safely once for it to stick, a lot like all the other nuances involved in crypto purchases and sales.
This sounds like a better option, it has intergration with Digital Surge which is the only exchange I use, I got a year to figure this tax thing out haha
@@EthanRooshock If I completely balls it up before June 30 I'll be calling you haha, I work in FS Industry but its rarely talked about cyrpto even from personal view, I dont expect to be making millions , but I do enjoy learning about it all
Does Crypto Tax Calculator (CTC) or you work with crypto mining? My assumption is that with CTC as long as the transaction into the wallet are within the annual amounts, I'm good?
Nice video. I’m New to crypto and have started to buy in. Just have a few questions. 1. With crypto tax calculator, what happens if you initially import the transactions into the software and 5 months down the line, you import again. Does that mean it will import duplicate transactions? 2. How does transfer of crypto work between exchanges? Does the software take into account transfer fees. 3. Lastly, does the software calculate average buy price for a particular crypto coin?
@@robertlee8903 No, it won't reimport the same transactions. Yeah they sure will. Most softwares, will give you that figure but when working out tax you will choose a method. Typically this is FIFO or LIFO.
The secret phrase is a one-off that is generated once you create the API key on the exchange/broker site. This is normal and it is a way to make sure it is really you who created the API key
Still not refunded me as I was not aware it was a subscription service. Was promised a refund and stilled not paid. They guessed my new expire date on my card to process payment. Scam Scam Scam. Accc is currently investigating beware
This sounds very odd. Nothing like the experience I've had or any of my clients. Their website is pretty clear that it is a subscription service. I've never heard of a company guessing the expiry date on a card..
I have been using Cointraking for 5 years now but there are issues. 1. So many apps and exchanges that you have to manually load. 2. Support is so-so. 3. Cannot resolve issues with purchases and accuracy as it says I have token I sold to buy other tokens which is not possible since I sold one to get the other. 3. Then it has token which they say my gains are 100% of the current price because they cannot determine my actual your hade price. 4. I have been in crypto since 2014 so there is so much stuff I am afraid I cannot start a new tax software because BINANCe is now not active anymore and my old computer has died where data was downloaded to. Would any of these existing crypto tax software be able to import stuff from Cointraking? Please compare and advise on coinstat capabilities?
@@EthanRooshockI also suspect because Cointraking is missing data input that I have missing crypto that I have forgotten about and I heard that coonstats can find it? This is what I heard from Ran at cryptobanter channel. Thank you.
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If you're interested in trying out Crypto Tax Calculator, use the code BFF2020 as the following link for 20% off your first purchase -cryptotaxcalculator.io?fpr=xo5ak
Do you use any Crypto Tax Software? If so, which one?
Thanks for the review.
No worries!
Can you do an update on CTC as I'm finding they are still having issues with matching totals as per exchange on my end. This is frustrating and should have been fixed by now if they claim to be one of the highest ranking tax software. Theyre asking me for backend access to my account to investigate the issue (which I'm hoping is not some sort of scam )
Is there another software you recommend other than koinly as second choice? Thanks
Yeah I still find tracking accurate balances seems to be a struggle.
@@EthanRooshock that sux.. I hope that wouldn't affect final tax balances.
Silly question, but by giving them backend access would this allow my account to be compromised in any way ?.. just paranoid about anything in crypto. Thanks again.
Hi Ethan I’d like to file my tax return with you next year. I hold but recently staked some coins (now I’m just wondering if its even worth staking cos its only couple of dollars). I’m on binance. What can I do to prepare and make your job easier?
Hey Christie, main thing would be to make sure you are using some form of Crypto Tax Software (such as Crypto Tax Calculator). This will make tracking things much easier!
How do you figure out which setting is used in what country (and state)? Like I live in U.S California. Is that also first in first out?
You'd have to speak to a US Accountant.
Have they fixed the weakness of displaying current balances? You mention it is clunky.. have they fixed that?
It has got better! I wouldn't say it is 100% perfect yet but definitely has improved.
I'm going to use crypto tax calculator, but will the ATO even know we have mined coins in wallets not on an Australian crypto exchange?
Good choice!
I'm unsure of that. Their ability to trace things is getting better each day.
Why does Crypto tax calculator Australia look like a different site than the one displayed?
The website may have changed since this video was recorded.
Hi Ethan, does the calculator also work for NFT's. For example those you hold in a MM wallet and traded through Opensea?
Yeah it definitely works for NFTs. You may need to do some manual adjustments.
So I have my own SMSF, this year was the first year I have traded on a Dex with it, and currently store tokens in a metamask wallet. The independent auditor won't have any clue how to audit my account. Everything is compeltly separate from my personal holdings but smsf buying and selling NFTs I can tell I'm going to have to explain the whole thing to them any suggestions?
Also I mean how's tax going to work if your using a mixer like tornado cash ?
Well you will definitely need to speak to your auditor as they are the ones who will need to audit it. I would highly recommend you speak to them well before you invest in anything new to make sure they will still be able to audit it.
I'm interested to hear an update? Have Crypto Tax Calculator resolved the issues you flagged?
Depends on which issue?
Hi Ethan, love your channel and all the information and advise you've published. Thank you. I have a question. How are fees (in crypto asset) treated by ATO? For example I bought 100 ADA from Coinspot. I move the asset to a personal wallet whereby Coinspot charges a fee of 1 ADA. Some suggests that it should be treated as a CGT event. Is this so?
Thanks! Well in that situation you’ve disposed of 1 ADA, so that is a CGT event (based on whether you have made a profit/loss on the ADA). It also creates a potential expense or addition to the cost base for the value of the 1 ADA
@@EthanRooshock I am still tossing up between signing up with Koinly or CTC. What is your recommendation? I have quite a large number of transactions and have gone into staking, LP, etc The number of transactions has turned into a nightmare for me.
@@audreychan1278 I prefer CTC. I have a video on my channel from a month or two ago talking about my thoughts on both again.
Damn not allowing me to use the promo code
Sorry about this!
Hi Ethan hope you well. Mate, I purchased that Crypto tax calculator, but I'm a little confused. In the report were it says "overall gain".....is that what I have to pay the ATO? Because I noticed that they didn't subtract the initial outlay for the asset when bought. Example: buy for $200 sold at $300, profit of $100, but the whole $300 was added to the overall gain. Can you help please. Sorry to bug you, mate. I've tried talking to crypto tax calculator, but I don't think they are understanding. Thanks.
You will only pay tax on the gain. If it is showing the whole $300 as profit in that situation, something isn't entered correctly. Make sure you have nothing showing "Missing Cost Base".
@@EthanRooshock Yeah I have been mucking around with it and I think I'm missing some pricing (not picking up the buy). I've uploaded all wallets, but think it may be because, swapped asset for USDC and sent to coinspot then sold it and then bought other asset on coinspot. Think the problem is in there somewhere. Maybe thats why cant see the buy. Thanks again for the quick reply....really appreciate it.
@@lcmr123 Yeah make sure you have all the buys in there, if you don't have that it means it won't be able to pick up a cost base.
@@EthanRooshock thanks mate.
@@lcmr123 No worries!
Hi Ethan. Great video and detail. I know it's a while since you did it.
Using CTC for first time and have so many issues that I'm trying to resolve with them (they are great responding).
Have done API sync with exchange, but they are now asking because of the issues if I have imported my Ledger wallet onto their platform. Is this correct to do this ?
Report shows transfers to wallet, the source and the destination address, but now asks me to correct this. "Send" is the correct transaction movement.
Would have thought that an API sync extracts the data in full and correctly.
Am I using the wrong platform to do my taxes when it should be so easy and clean, especially for a simple wallet transfers from the exchange (main errors).
Thoughts ?
Glad you've found the video helpful!
If you've transferred from an exchange to another wallet you own, you would need to import that wallet for the software to allow you to properly reconcile. You then the corresponding send and receive for it to match as a transfer.
@@EthanRooshock Thanks Ethan. Not sure how to import the wallet to the software without compromising my security as I'm relatively new to Crypto and the CTC program. The report is already showing the correct destination address from the data link up between the 2 .
Anyway, I've asked CTC to clarify. I only need to be shown how to download this wallet safely once for it to stick, a lot like all the other nuances involved in crypto purchases and sales.
@@edl8111 Yeah best to speak to them directly if you have any concerns
@@EthanRooshock Will do. I've subscribed to your channel as well as there is some great info there mate. Cheers
@@edl8111 Thanks!
Very helpful! thank you. I'm looking for an accountant, going to email you.
No worries, I'd love to see if I can help!
Just used the code here in the UK. Thanks!
Awesome!
This sounds like a better option, it has intergration with Digital Surge which is the only exchange I use, I got a year to figure this tax thing out haha
Yeah definitely check it out, it's really good!
@@EthanRooshock If I completely balls it up before June 30 I'll be calling you haha, I work in FS Industry but its rarely talked about cyrpto even from personal view, I dont expect to be making millions , but I do enjoy learning about it all
@@HugoBrown Sounds good! It's great to see more people wanting to learn!
Thank you Ethan for a very informative video
No worries, glad you found it helpful!
Does Crypto Tax Calculator (CTC) or you work with crypto mining? My assumption is that with CTC as long as the transaction into the wallet are within the annual amounts, I'm good?
Yeah you can definitely use CTC to help track Crypto Mining.
Awesome, I'm just beginning but once I start making actual money I'll definitely be in contact. Thanks.
@@stephencaddick6910 Best of luck with it!
Nice video. I’m New to crypto and have started to buy in. Just have a few questions.
1. With crypto tax calculator, what happens if you initially import the transactions into the software and 5 months down the line, you import again. Does that mean it will import duplicate transactions?
2. How does transfer of crypto work between exchanges? Does the software take into account transfer fees.
3. Lastly, does the software calculate average buy price for a particular crypto coin?
@@robertlee8903 No, it won't reimport the same transactions.
Yeah they sure will.
Most softwares, will give you that figure but when working out tax you will choose a method. Typically this is FIFO or LIFO.
so im going to use the API key to enter into the crypto tax calculator. It is also asking for my secret phrase ? is this normal ?
What exchange? Contact their support immediately if you have any concerns.
The secret phrase is a one-off that is generated once you create the API key on the exchange/broker site. This is normal and it is a way to make sure it is really you who created the API key
@@erici1270 Yeah that's correct.
Still not refunded me as I was not aware it was a subscription service. Was promised a refund and stilled not paid. They guessed my new expire date on my card to process payment. Scam Scam Scam. Accc is currently investigating beware
This sounds very odd. Nothing like the experience I've had or any of my clients. Their website is pretty clear that it is a subscription service. I've never heard of a company guessing the expiry date on a card..
coinstats vs cointraking and koinly
Which one do you use?
I have been using Cointraking for 5 years now but there are issues.
1. So many apps and exchanges that you have to manually load.
2. Support is so-so.
3. Cannot resolve issues with purchases and accuracy as it says I have token I sold to buy other tokens which is not possible since I sold one to get the other.
3. Then it has token which they say my gains are 100% of the current price because they cannot determine my actual your hade price.
4. I have been in crypto since 2014 so there is so much stuff I am afraid I cannot start a new tax software because BINANCe is now not active anymore and my old computer has died where data was downloaded to.
Would any of these existing crypto tax software be able to import stuff from Cointraking?
Please compare and advise on coinstat capabilities?
@@EthanRooshockI also suspect because Cointraking is missing data input that I have missing crypto that I have forgotten about and I heard that coonstats can find it? This is what I heard from Ran at cryptobanter channel. Thank you.
@@dentaldoc489Ask those softwares directly if they can do an import