Nick Christie
Nick Christie
Brisbane, Australia
For Accountants
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You can easily get your Elbaite taxes done in Syla, ensuring you pay the lowest crypto tax legally possible.

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What is Elbaite

Elbaite is an Australian-based peer-to-peer cryptocurrency exchange that prioritises user security and transparent trading practices. With its focus on establishing a safe and reliable platform, Elbaite offers a unique trading experience where users can directly trade with each other using Australian dollars.

Unique features for Australian investors include:

  • Peer-to-peer crypto trading using Australian dollars.
  • Escrow system for holding funds until transactions are completed.
  • Full compliance with Australian regulatory standards.

How is crypto taxed on Elbaite

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 Elbaite.

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.

Does Elbaite report transactions to the ATO

Elbaite is an AUSTRAC registered Digital Currency Exchange (DCE). As an AUSTRAC registered DCE, Elbaite must perform KYC and know the identity of their customers. This is important for preventing scammers and criminal activity.

Since 2019 the ATO has been operating a data sharing program with Australian Digital Currency Exchanges. Under the data sharing program, the digital currency exchange must provide transaction data of their users to the ATO when requested.

In short, the ATO knows your transaction history on Elbaite. You’ll know the ATO has your cryptocurrency transaction data, as it will show in the prefill report on your tax return.

What your tax agent can see on your prefill report for your tax return
What your tax agent can see on your prefill report for your tax return

The ATO is only getting smarter at analysing crypto transactions. Even if your crypto transactions don’t show up on your prefill it’s still important that you do calculate and declare your crypto gains, otherwise it’s only a matter of time before the ATO comes knocking.

How to do your Elbaite 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:

  1. Do it yourself by hand in a spreadsheet. 😭
  2. Provide your transaction statements to your tax agent / accountant.
  3. 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 Elbaite tax report and crypto tax optimisation:

  1. Get started with a free Syla account.
  2. Import your transactions into Syla by following the instructions below.
  3. Download your Crypto Tax Report to give to your tax agent or use it to lodge your tax return yourself.

Importing your Elbaite transaction data into Syla

To get your Elbaite crypto taxes sorted, you’ll need to import your transaction history into Syla. On Elbaite 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.

Before starting
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 Elbaite

You can download the following CSV transaction files from Elbaite and import them directly into Syla:

  • Trades (CSV)

Follow these instructions to download your transaction statements from Elbaite:

  1. Login to Elbaite.
  2. Navigate to Trades.
  3. Click Export to CSV.
  4. Once you have your files, upload them to your Elbaite data source in Syla, and click Secure Import.
Elbaite CSV Instructions 1

Syla’s smart tax logic for Elbaite

You’ll find some really smart logic in Syla that is going to make doing your crypto taxes on Elbaite 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 Elbaite that you’ll find in Syla’s crypto tax calculator:

  • Buys and Sells
  • Implied AUD deposits and withdrawals
  • Implied crypto deposits and withdrawals

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.

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The information in this article reflects our understanding of existing legislation, proposed legislation, rulings and other tax law, as at the date of issue. In some cases, the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way.

The information provided in this article is purely factual in nature and does not constitute tax advice, financial product advice or legal advice. The information is not, nor is it intended to be, comprehensive or a substitute for professional advice on specific circumstances. If you require professional advice that takes into account your particular circumstances, you should consult an appropriate professional.