What is Bittrex
Bittrex is a leading cryptocurrency exchange that provides a robust platform for trading a vast array of digital assets in a secure, regulated environment.
The benefits of Bittrex include:
- An expansive selection of over 300 cryptocurrencies.
- Advanced security measures including two-factor authentication and cold storage for funds.
- User-friendly interface designed to cater to both novice and experienced traders.
How is crypto taxed on Bittrex
Ever since the first ATO crypto tax guidelines were introduced back in 2014, it’s been clear that crypto is taxable. As an Australian taxpayer, you are legally required to declare your local and worldwide income, including your crypto gains and losses on Bittrex.
There are two types of assessable income that your crypto investments are taxed on in Australia:
- Capital Gains Tax - You’ll end up with capital gains whenever you purchase a crypto asset, and later sell it for a higher price. Capital gains and losses can result from trades, swaps, gifts and many other transaction types.
- Ordinary Income - You can easily end up earning income from a number of sources such as commissions, earn programs, staking and many more. These sources of income also need to be declared on your income tax return.
Crypto tax is complicated, which is why most tax professionals recommend using crypto tax software to automate the tax calculations for you. That way you won’t make mistakes that could trigger an ATO audit.
To learn everything there is to know about crypto tax in Australia, read our ultimate crypto tax guide.
How to do your Bittrex taxes
Our Australian financial year starts on the 1 July and ends on the 30 June each year. You can prepare and lodge your tax return after the 30 June.
You have until the 31 October to lodge your individual tax return, or you can get an extended lodgement deadline till 15 May when lodging through a registered tax agent.
There are three ways you can complete your cryptocurrency tax return:
- Do it yourself by hand in a spreadsheet. 😭
- Provide your transaction statements to your tax agent / accountant.
- Use crypto tax software to automate the calculations and optimise for lower tax.
If you decide to do it yourself by hand, then you will need to be very careful to track the individual cost base of each crypto asset, and calculate the capital gain or loss on each disposal. This might be okay if you only have a handful of transactions. 👍
Otherwise, you can use Syla to do your Bittrex tax report and crypto tax optimisation:
- Get started with a free Syla account.
- Import your transactions into Syla by following the instructions below.
- Download your Crypto Tax Report to give to your tax agent or use it to lodge your tax return yourself.
Importing your Bittrex transaction data into Syla
To get your Bittrex crypto taxes sorted, you’ll need to import your transaction history into Syla. On Bittrex it’s really easy to import your transactions into Syla using:
✅ CSV file import
Syla will automatically process and classify your crypto transactions, making your crypto tax simple and easy to solve.
You’ll need an account on Syla to get started with your transaction import. You can easily sign up for a free account here to get going.
CSV file import - how to get tax statement from Bittrex
You can download the following CSV transaction files from Bittrex and import them directly into Syla:
- Order History (CSV)
- Deposit and Withdrawal History (CSV)
Follow these instructions to download your transaction statements from Bittrex:
- Login to Bittrex.
- In the header, click Transactions.
- Scroll down to the ORDER HISTORY, and click Download History.
- Select the financial year.
- Click Download.
- Repeat for all financial years.
- Request your Deposit and Withdrawal history by sending a support request to Bittrex.
- Once you have your files, upload them to your Bittrex data source in Syla, and click Secure Import.
Syla’s smart tax logic for Bittrex
You’ll find some really smart logic in Syla that is going to make doing your crypto taxes on Bittrex quick and easy.
Smart logic means your transactions are correctly classified for you automatically and all possible costs are claimed. That’s great, because you’ll have certainty in your tax and you’ll also avoid paying more tax than you’re legally required to.
Here’s just some of the smart logic that has been specifically implemented for Bittrex that you’ll find in Syla’s crypto tax calculator:
Pay the lowest crypto tax and save the hassle of doing crypto tax yourself
It's very difficult to correctly calculate all the tax outcomes of your crypto by hand unless you're a tax professional.
If you are using a tax accountant, then you probably don’t want them doing it by hand either, as it's going to take a long time and cost a lot.
That’s where using cryptocurrency tax software can save you a lot of time that you’d rather spend doing something else. 😊
Syla is the only crypto tax software designed specifically and only for Australia. Syla not only calculates all your tax outcomes to ensure you are ATO compliant, but it also optimises your tax to ensure you pay the lowest crypto tax legally possible, saving you both time and money.
- Best value - $59 AUD for 10,000 transactions.
- Absolute certainty - purpose-built for Australian tax law.
- Maximise your tax savings - using Syla’s proprietary LTFO method.
👉 get started for free in Syla.