Blog

Crypto tax articles

Syla has everything you wanted to know about crypto tax and how to pay the lowest crypto tax. All our articles are written by our in-house team of professional tax accountants and tax lawyers based in Australia. Each tax article has been reviewed by a registered tax agent to ensure the content is accurate.
5
min read
13
Jul
2024

On track for tax time: your 2024 plan for crypto tax

The Australian financial year has ended, marking a critical time for crypto investors to ensure accurate and compliant tax returns. Our tax team has put together a comprehensive tax guide on what you need to do now that we're past 30th June.
3
min read
14
Dec
2023

Best crypto-friendly banks in Australia

In Australia, the banking landscape is constantly evolving, especially with regards to handling crypto bank accounts. While the Big 4 Australian banks — CBA, NAB, ANZ, and Westpac — have tightened policies on deposits to crypto exchanges, mid-tier and challenger banks have emerged as the new crypto-friendly banks.
7
min read
14
Nov
2023

Cryptocurrency record keeping

Cryptocurrency record keeping is an essential part of managing your crypto assets in Australia and is required to meet your tax obligations.
5
min read
28
Jun
2023

Syla + CryptoSpend partnership announcement

Syla partners with Australian crypto platform, CryptoSpend, with the aim to empower Australians to spend their crypto without the tax headache.
5
min read
24
May
2023

Syla + Digital Surge partnership announcement

Syla partners with Australian digital currency exchange, Digital Surge, with the aim to streamline tax reporting for users and maximise their potential tax savings.
2
min read
18
May
2023

Syla + Coinstash partnership announcement

Syla partners with trusted Australian crypto platform, Coinstash, to simplify tax reporting for individual and private wealth clients
30
min read
5
May
2023

Crypto Tax Australia: Ultimate Guide

Your ultimate guide to doing your crypto tax in Australia. With tax minimisation tips from Australian tax lawyers and accountants.
5
min read
1
Oct
2022

Submission to the Board of Taxation Review on the tax treatment of digital assets

Syla recently submitted a response to the Board of Taxation's consultation guide for the review of tax treatment of digital assets and transactions.
5
min read
3
Apr
2023

Syla automates crypto transaction data in BGL

Syla and BGL have integrated to offer instant sync of cryptocurrency transactions for SMSFs, eliminating tedious manual journals and simplifying compliance work for accountants.
15
min read
30
Mar
2023

Reviewing BGL cryptocurrency transactions

Once you’ve synced the crypto transactions from Syla into BGL, there’s a few steps you can do to confirm that everything has come through perfectly.
10
min read
30
Mar
2023

BGL crypto imports with Syla

Manual journals are out, and instant sync is in! Accountants can now easily solve crypto SMSFs in BGL Simple Fund 360 with Syla, instead of avoiding them.
10
min read
30
Mar
2023

Onboarding a crypto SMSF checklist

Investing in crypto through an SMSF can be complex, and it's important that SMSF accountants understand their responsibilities and what to look out for when it comes to managing their client’s SMSF crypto holdings.
10
min read
30
Mar
2023

SMSF crypto compliance requirements

SMSFs are a highly regulated entity, and it’s particularly important when it comes to crypto investments, that all super laws contained in SISA and SISR are being complied with.
5
min read
30
Mar
2023

Crypto SMSF compliance mega-guide for Accountants

We’ve turned SMSF crypto accounting trauma, into compliance pleasure 😊. This mega-series on solving SMSF crypto compliance will mean you can start solving crypto SMSFs in your public practice, instead of turning them away.
10
min read
26
Mar
2023

Are crypto airdrops taxable in Australia

Knowing the Australian tax treatment of a crypto airdrop will ensure you are correctly reporting any tokens you receive in your tax return.
25
min read
11
Mar
2023

Ultimate guide on how to setup a crypto SMSF

Using a crypto SMSF might just be the most tax effective way to save for retirement in Australia.
10
min read
6
Mar
2023

Is Qoin a pyramid scheme?

Bartercard, class actions, and is Qoin a pyramid scheme that caught out unsuspecting Australians?
10
min read
5
Mar
2023

Is swapping crypto taxable in Australia?

Crypto to crypto swaps are considered taxable by the ATO, and are subject to capital gains tax for investors.
25
min read
5
Mar
2023

Can you claim crypto losses on taxes in Australia?

Australian tax law let’s you claim every single crypto loss on your tax return and it can lead to massive tax savings 🙂 here’s how!
20
min read
2
Mar
2023

How to calculate capital gains tax on crypto in Australia

As an Australian taxpayer, if you purchased crypto for an investment, then you’ll be subject to Capital Gains Tax (CGT) when you sell or dispose of your crypto.
8
min read
19
Jan
2023

How to claim a tax loss from ACX?

In 2021 Australian exchange ACX collapsed, leaving many investors wondering if they could claim a crypto tax loss on ACX.
10
min read
12
Jan
2023

Claiming Terra LUNA tax loss

LUNA was revived in the form of a new blockchain and token, but the question for many Australian investors, is what do I do with my worthless LUNA, and can the LUNA loss be claimed on my tax return?
10
min read
24
Dec
2022

How to claim Celsius tax loss?

Celsius, a once high performing global crypto platform, has filed for Chapter 11 bankruptcy in the US. With the initial shock over, many Australian investors are now asking if they can at least claim the tax loss on their Celsius investments?
30
min read
19
Dec
2022

How to minimise crypto tax in Australia

We’ve detailed the ten most effective and legal ways to minimise your crypto tax without sending red flags to the ATO. We call them crypto tax hacks, because they are the legal tax loopholes in Australia that you are allowed to take advantage of.
20
min read
10
Dec
2022

How to legally avoid crypto tax in Australia

With taxes in Australia capping out at an excruciating 47%, the question on the mind of many crypto investors is, how do I avoid paying crypto tax? While it’s rare to be able to fully reduce your tax to zero, there are some well know strategies within the tax industry that you can use, and a number of situations where you can legally avoid crypto tax entirely.
15
min read
1
Dec
2022

GST crypto tax on NFTs for Electronic Distribution Platforms (EDP)

Online NFT marketplaces that are considered an Electronic Distribution Platforms (EDP), are required to collect and remit GST on sales from merchants to Australian consumers.
5
min read
2
Dec
2022

How to change from crypto trader to investor

Crypto traders who have stopped trading should consider if their activity has changed from trading to investment. There are important tax implications to consider.
10
min read
2
Dec
2022

How to change from crypto investor to trader

Crypto investors that are now actively trading should consider if their activity has changed from investing to trading. The change in nature of the activity has important tax implications.
15
min read
2
Dec
2022

Tax on crypto gambling

Crypto gambling may be one the few opportunities available to legally pay no crypto tax in Australia. Lucky punters get to hold on to their winnings and share nothing with the ATO.
12
min read
28
Nov
2022

Can I claim my FTX loss?

Those with substantial losses due to the FTX bankruptcy will want to claim the tax loss. In this article we explain how and when a capital loss can be claimed when there are insolvency proceedings.
15
min read
24
Nov
2022

How to claim the personal use tax exemption for crypto

The personal use asset exemption is one of the few opportunities in Australia where you can legally pay no crypto tax. Achieving the personal use tax exemption can have a large impact on your tax outcome, but you must structure correctly to avoid scrutiny from the ATO.
5
min read
25
Nov
2022

Are crypto withdrawal fees subject to GST

Fees charged on crypto withdrawals for Australian users, are subject to GST. If you are registered for GST, then you may be able to claim at least 75% of the GST paid, provided the crypto exchange you use is collecting GST and you have the necessary documentation.
10
min read
22
Nov
2022

Crypto trader vs investor tax treatment in Australia

Crypto investors in Australia have disposals of crypto treated as capital gains, while traders have their crypto treated as trading stock. These are distinctly different tax treatments in Australia and have important differences in the resulting tax implications that should be considered.
10
min read
19
Nov
2022

How to pay employees with crypto

An increasing number of Australian’s are choosing to be paid in crypto by their employers. We will explain every possible way to pay employees with crypto and the tax implications it will have on your business.
3
min read
2
Feb
2022

Australian Government supports solving Crypto Tax with Syla

Funding from the Boosting Female Founders grant will enable Syla to bring tax certainty to Australian crypto investors, with its AI-driven crypto tax software.
5
min read
11
Nov
2022

Claim a crypto tax loss on lost, stolen and scammed crypto

You can claim a crypto tax loss as an individual taxpayer holding crypto assets for investment, provided you keep appropriate evidence.
5
min read
1
Jul
2022

Syla launches crypto tax platform designed for accountants

With the launch of Syla, Australian Accountants can now confidently deliver compliance services to their crypto clients.