Crypto has been taking the world by storm lately, but just as with other investments, you are obliged to pay your taxes, and we know how much you “love” tax time.
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That’s why we compiled a list of the best crypto tax software Australia has to offer and presented all the benefits and disadvantages that may arise.
Let’s dive right in!
Top Ten Best Crypto Tax Software in Australia
Best Crypto Tax Software Australia: Mini-Reviews
The need for crypto tax software has been growing, given the fact that over a million Aussies use some of the country’s most popular crypto exchanges to trade in digital assets. While these are the best crypto tax software in Australia, there are some benefits and disadvantages to consider before choosing the one for your needs.
- Koinly – Best Crypto Tax Software Overall
- Coinledger – Best for High-Volume Traders
- Beartax – Best Price
- CoinTracking – The Leader of Cryptocurrency Tracking and Tax Reporting
- Crypto Tax Calculator – Best Australian-Based Crypto Tax Software
- Coinpanda – Best for Most-Supported Exchanges
- Ledgible – Best for Tax Professionals
- Accounting.com – Best for Filing Taxes Following ATO Guidelines
- Cryptio – Best for Real-Time Experience
- TokenTax – Best for Integrations with Popular Exchanges
Disclaimer: Always take into account your own individual circumstances before making any investment decisions, and don’t rely on the information presented here alone. We highly suggest that you consult with an expert before applying for any product or service mentioned on our site.
Let’s take a look!
1. Koinly – Best Overall
Koinly, an affordable and accurate crypto tax software, gives Australians a chance to take control over their taxes, with every transaction being accounted for. Not only can this tool give you crypto tax reports in under 20 minutes, but it comes packed with features that make reporting on your taxes easier than ever.
- Rating: 10/10
- Price: From AU$59 (annually)
- Included tax forms and reports: Available
- Accountant access: Available
- Ease of use: Yes
- Integration: Integrates with over 300 exchanges and wallets
- Customer support: Live chat & email
Some of the amazing features offered by Koinly Australia include the financial year tax report, which is a summary of your cryptocurrency taxable gains and losses, and the automated data importing feature, which keeps everything organised in one place.
Finally, Koinly comes with a free plan which supports up to 10,000 transactions. Nevertheless, if you wish to export your cryptocurrency tax reports, you may want to opt for one of their paid plans that start at $49 per tax year.
2. Coinledger – Best for High-Volume Traders
With over 300k users and $70 billion in transactions processed, Coinledger is a tax software designed to save you time and money.
PROS:
- Generates crypto tax reports at no hidden costs
- Over 300 Integrations
- Advanced features
CONS:
No free option for exporting cryptocurrency tax reports
Rating: 9.6/10
Price: From $49 (100 transactions)
Included tax forms and reports: Available
Accountant access: Available
Ease of use: Yes
Integration: Integrates with over 300 crypto exchange platforms
Customer support: Help centre & email
Coinledger allows users to import their wallets and transactions directly from Crypto.com, Coinspot, Binance, and many other exchange platforms.
The software allows you to easily track your entire portfolio, which is a handy feature, especially for high-volume traders. You get to see gains, losses, and income from trades and staking for free. You can then export your completed tax forms and send them to your accountant.
Furthermore, Coinledger comes with built-in tax-loss harvesting. With this feature, the cryptocurrencies with the highest tax savings opportunities appear on the tax harvesting report allowing you to plan your next trades while being prepared.
Lastly, thanks to the Tax Professional Suite feature, Coinlegder offers accountants an easy way of filing their clients’ crypto taxes. Clients just need to import their cryptocurrency data on Coinledger, and once the software has imported, compared, and generated their tax reports, it will appear on the accountants’ tax professional dashboard for further viewing, downloading, and filing.
3. Beartax – Best Price
BearTax, now known as Fyn, has a separate section for accountants who want to handle their clients’ taxes. This feature comes with an additional bonus: no fee will be charged for the first three clients.
No credit card needed
Free portfolio tracking
Great customer service
Payment required to download and view the tax report
Rating: 9.2/10
Price: From $49( per year)
Included tax forms and reports: Available
Accountant access: Available
Ease of use: Yes
Integration: Integrates with over 40 exchanges
Customer support: Live chat & email
Another thing users get to enjoy with BearTax is the platform’s seamless integration with other tax-reporting software. Whenever a trade is made, BearTax instantly fetches the tax data and sets aside tax money in your virtual wallet. Then, its intelligent algorithm helps identify transactions that are not taxable.
BearTax might just be one of the cheapest crypto tax software on the list, with up to 20 transactions being free of charge. The cheapest pricing plan makes this tool a perfect solution for those who trade from time to time. Nevertheless, it offers other pricing plans as well, packed with unlimited transactions.
4. CoinTracking – The Leader of Cryptocurrency Tracking and Tax Reporting
CoinTracking is a crypto tax calculator based in Australia that has over 1,199,000 active users and 250 CPAs and corporate clients.
Great premium services
Accountant friendly
Affordable
A limited number of crypto exchanges
Rating: 9/10
Price: From $USD10.99 per month (billed annually)
Included tax forms and reports: Available
Accountant access: Available
Ease of use: No
Integration: Integrates with over 110 exchanges
Customer support: Live chat (robot) & submitting a ticket
Therefore, if you are looking for a reliable crypto tax calculator that provides both crypto portfolios and crypto tax reports, the CoinTracking Full-Service is your safest bet. With this feature, you receive professional help, ensuring the crypto data and the tax report are one hundred per cent accurate and true.
In addition to its crypto tax services, CoinTracking analyses users’ trades and generates real-time reports on profit and loss.
Furthermore, CoinTracking respects the privacy of its users and thus uses both Data and API encryption and 2-factor authentication. When it comes to pricing, CoinTracking offers four pricing structures: with the prices going up to $54 a month.
5. Crypto Tax Calculator – Best Australian-Based Crypto Tax Software
The Crypto Tax Calculator software is designed to meet ATO guidelines, so you won’t have to go through all the trouble of downloading other tax apps available in Australia.
Variety of customisable reports
Great support
Follows the laws and regulations of the customer’s country
Non-user-friendly interface
Rating: 8.7/10
Price: From A$49 (billed yearly)
Included tax forms and reports: Available
Accountant access: Available
Ease of use: Yes
Integration: Supports over 500 integrations
Customer support: Live chat & email
The software supports over 500 exchanges, blockchains, and wallets, from where users can directly upload their transaction history on Crypto Tax Calculator using CSV or API integrations.
The Crypto Tax Calculator generates tax calculations with a high degree of accuracy and provides users with detailed reports of realised capital gains and income. Once the tax reports are generated, users can download and either send them to their accountant or file them via the tax software.
The best crypto accounting software in Australia offers a professional accountant suite for accountants and bookkeepers, as the name implies. Their free portal gives accountants the option to invite all their clients so they can keep track of their crypto activity.
In addition, Crypto Tax Calculator has a friendly user interface, and they take pride in taking tax reporting to another level.
6. Coinpanda – Best for Most-Supported Exchanges
Coinpanda is a crypto tax calculator in Australia that has direct integration with more than 500 crypto exchanges, wallets, and blockchains, making things easier for users that have invested in cryptocurrency on various platforms. That said, users can easily import all of their historical transactions via API keys or CSV files.
Australian-based crypto tax software
Supports NFT transactions
Supports hundreds of exchanges
Requires you to proceed to payment to view your tax report
Rating: 8.5/10
Price: From $49 (per tax year)
Included tax forms and reports: Available
Accountant access: Available
Ease of use: Yes
Integration: Integrates with over 500 exchanges
Customer support: 4/5
With CoinPanda, users can automatically generate tax reports for capital gains and income. Nevertheless, this crypto software works as a free portfolio tracker too, allowing users to track margin traders or see how their portfolio performs over time, among other things.
Another thing worth noting about this crypto tax software is that it allows CPAs and Tax Professionals to handle and manage their clients’ taxes on one unified dashboard or even connect directly with the clients on the platform. CoinPanda helps accountants by automatically highlighting transactions with missing cost basis or prices and helps them generate a tax report compliant with the tax authorities.
Besides Australia, CoinPanda is available in over 65 countries and supports over 50 fiat currencies. So, whether you live in the US, Canada, or Australia, CoinPanda can calculate your taxes in the country’s local currency.
7. Ledgible – Best for Tax Professionals
Ledgible is one of the fastest and most advanced crypto tax software currently available, and it’s designed for accounting purposes. Just like the other software on the market, it provides tax reporting and portfolio tracking, but it’s best suited for tax professionals.
Easy to use
Functions as a free portfolio tracker
Available in over 65 countries
No AU pricing available
Rating: 8.2/10
Price: From $49 (per tax year)
Included tax forms and reports: Available
Accountant access: Available
Ease of use: Yes
Integration: Integrates with over 300 exchanges
Customer support: Email
With Ledgible Tax Pro, CPAs can manage their clients’ crypto taxes easily thanks to several features, such as an advanced crypto tax client portal that immediately connects them with new or existing clients or crypto tax progress tracking indicators, to name a few. Ledgible is aware that users want their reports to be kept safe from possible hacking attacks, so it integrates enterprise-grade security (SOC 1 & 2) for CPAs and their clients.
Even though Legible is best suited for professionals, the platform offers software that allow users to file their taxes on their own by quickly connecting to their wallets and then calculating their tax reports. With the Current Year Planning & Crypto Portfolio Dashboard, users can monitor their crypto activity the whole year for free, and when tax season comes, users only need to pay for reports.
8. Accointing.com – Best for Filing Taxes Following ATO Guidelines
Accointing.com may be among the few software offering crypto tracking and crypto tax calculations while being fully compliant with ATO’s crypto tax guidelines. In only five clicks, you can calculate and report your gains.
Great for accountants
DIY taxes
Real-time client collaboration
No mobile app
Rating: 8.2/10
Price: From $109 (billed annually)
Included tax forms and reports: Available
Accountant access: Available
Ease of use: Yes
Integration: Integrates with over 400 exchanges
Customer support: Email
What makes Accointing.com stand out from the other competitors is its review tool, which allows users to classify all their transactions for taxes no matter the type of trading they are into.
What’s more, this crypto tax software helps you gain perspective and identify potential tax-saving opportunities, all thanks to the holding period tool. This tool helps you determine which tokens you’ve held for a year and which you’ve held for less than a year so you can trade the tokens that generate a bigger loss.
When it comes to the crypto tracking option, Accointing.com helps users get an overview of their portfolio by providing them with a summary of buy and sell dates, net profit and many more options, and the best thing is that users can track everything from their mobile device, as well.
Lastly, users can automatically connect their wallets and exchanges if the crypto assets are held at one of the 300 wallets and exchanges the software supports. From here, users can easily calculate their capital gains and losses on their crypto assets.
9. Cryptio – Best for Real-Time Experience
Cryptio is a tax software that allows tracking of assets and transactions from DeFi protocols to get a clear picture of your digital asset activity.
Available on Android and iOS
Compliant with ATO’s guidelines
Crypto tracking option
Supports roughly 300 wallets and exchanges
Rating: 8/8
Price: From $100 (billed monthly)
Included tax forms and reports: Available
Accountant access: Available
Ease of use: Yes
Integration: Integrates with over 30 exchanges, wallets, chains, etc.
Customer support: Book a demo & email
Cryptio aggregates all your transactions and assets in one place by using real-time, automated retrieval of transaction history from your wallets and exchange accounts. Plus, Cryptio users will never miss a transaction thanks to its feature allowing auto-auditing of transactions.
Additionally, users use Cryptio because of the automated labelling and transaction feature, which automatically assigns the transactions to the right account, sets a payment status, tracks future payments, and attaches invoices to your transactions. Thanks to this feature, users can identify the counter-parties of all their transactions.
Lastly, when it comes to pricing, Cryptio offers three plans: basic ($199 a month), pro ($550 a month), and an enterprise tailored for professionals.
10. TokenTax – Best for Integrations with Popular Exchanges
TokenTax is yet another excellent crypto tax software you can trust when it comes to handling your taxes. With TokenTax, you can import data from every crypto exchange, obtain help with tax-loss harvesting, and get margin trading support.
Automated DeFi tracking
World-class support
Expert training
The Pro Plan comes at $550 a month
Rating: 8//8
Price: From $65 (billed per tax year)
Included tax forms and reports: Available
Accountant access: Available
Ease of use: Yes
Integration: Integrates with over 100 crypto exchange platforms
Customer support: Live chat, phone, and email
Additionally, TokenTax is not merely a crypto calculator but a full-service accounting firm. Because of that, the software automatically generates every tax form to complete your filings.
Furthermore, the platform can help with high transaction volume or even cross-chain transactions, as the platform offers great service from their crypto-tax-savvy professionals.
One more thing that TokenTax offers is a sync of data. Users can sync their wallets and accounts so as to analyse their data from one place.
As for the pricing, TokenTax offers four pricing structures: basic, premium, pro, and VIP, with VIP being the most expensive at $3,499 per tax year.
Finally, TokenTax offers excellent customer support, and if you have any tax-related questions, do not hesitate to contact them as they’ll come up with a solution in a matter of minutes.
Guide: How To Choose the Best Crypto Tax Software
Choosing the best crypto tax software is no easy feat, especially if you are a beginner. Here are some things to keep in mind before making a decision.
Excellent customer support
Manages high-volume transactions
Allows users to sync their wallets and accounts to the software
No free trial
Related Reading: Best Trading App in Australia: Control Your Finances in 2022
What Does a Crypto Tax Software Do?
Crypto tax software gathers data and then generates a report of your capital gains and losses for the financial year. Crypto tax software can help you with your taxes for the year, but it does more than just generate a report; it helps track all of your transactions and earnings from staking or mining.
Best of all, crypto tax software automatically calculates your tax obligations, which is great for frequent traders. By using these softwares, seasoned traders don’t have to worry about how much they need to report to the ATO – the crypto tax software does the job.
How Do We Choose the Best Crypto Tax Software?
These are the features we looked into when choosing the best crypto tax software for Australian investors:
What Happens If I Don’t Report Cryptocurrency to the ATO?
The ATO can track all your crypto transactions since 2014 and keep track of anyone who has not filed their taxes in Australia. Therefore, crypto tax software can help you stay in line with your taxes and remain stress-free.
- Price – There are numerous options available with different price-quality ratios.
- Included tax forms and reports – A good crypto tax software will ensure that your trading and taxation are in line with the ATO tax guidelines.
- Accountant access – We assessed the availability of accountants on each platform, as well as the simplicity of the process of handing over your tax report on your investments.
- Ease of use – We assessed the features on each platform, as well as how easy and user-friendly the platform was to navigate.
- Integration – We looked at the number of integrations each platform had and concluded that the more API integrations a platform has, the easier the importing of wallets will be.
- Customer support – We looked at the availability of customer support and the type of service they offer – live chat, email, or phone.
Simply buying a specific cryptocurrency doesn’t automatically oblige you to pay taxes. Nevertheless, once you decide to use that currency for trading, you become eligible for taxation.
Since the ATO classifies cryptocurrency as an asset, similar to stocks and shares, traders need to report their capital gains every time trading or staking is involved. If they fail to do so, they might be subjected to hefty penalties or even be prosecuted.
Is Crypto Tax Software Worth It?
A Crypto tax calculator in Australia is worth it if you use cryptocurrencies across multiple platforms, as filing taxes can become difficult to manage.
As already mentioned, the Australian Government tracks all cryptocurrency data, so whether you are an investor in crypto or just a regular trader, you still have to report transactions to the ATO, and using crypto tax software can help you stay in compliance with ATO’s regulations. Therefore, using crypto tax software can alleviate the stress when it comes to filing your taxes and reporting a number of transactions to the ATO.
Bottom Line
We compared and ranked the top ten crypto accounting software in Australia, so now you can choose the one that best fits your needs. If you are new to crypto trading, opt for software that offers low monthly expenses and is compliant with ATO guidelines. As we said, choosing a crypto tax software is no easy task, but if you consider the factors outlined in the guide, you’ll have no problem making the right decision.
You Might be Interested in: The Best Crypto Wallet Currently in Australia
1. Is Koinly accepted by ATO?
Yes, Koinly is accepted by ATO, and this crypto tax software calculates your capital gains following ATO guidelines.
2. Does the ATO know if you have crypto?
Yes, ATO knows if you have crypto from the data matching program they’ve been operating since April 2019.
3. What is the best crypto tax program?
According to our “Best Crypto Tax Software in Australia” choices, Koinly remains the best crypto tax program, as it comes packed with great features, such as the automated data importing feature and the financial year tax report, making tax reporting easier.
