Bitcoin & Tax

Bitcoin is considered an asset by the ATO and is subject to capital gains tax.

This means the sale of Bitcoin is considered a taxable event.

If you sell the Bitcoin at less than its original purchase cost you can claim a capital loss.

Bitcoin like other assets is subject to the capital gains discount if it is held for more than 12 months.

For more complete information we recommend talking to your accountant.

You can also listen to our Pod episode where we discuss Bitcoin taxes with a qualified accountant.

For most people simply providing the HardBlock financial year statement to your accountant will be all you need to do.

If your use case is more complicated, i.e. you use many different exchanges, or different coins, or are a very frequent trader, then Bitcoin reporting tools can be useful.

HardBlock has integrations with Syla and Koinly for Bitcoin tax reporting.

Our guide on how to export transactions to Syla.

Our guide on how to export transactions to Koinly.