You can easily get your Helium taxes done in Syla, ensuring you pay the lowest crypto tax legally possible.

What is Helium

Helium is a decentralised wireless network powered by a blockchain protocol, which allows devices to communicate with each other and send data across its network.

Unique features include:

  • Investment returns are gained by providing network coverage through hosting a Helium Hotspot.
  • Native Helium tokens (HNT) can be traded on various exchanges.
  • Participation in a pioneering IoT (Internet of Things) project.

How is crypto taxed on Helium

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 Helium.

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 Helium 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 Helium 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 Helium transaction data into Syla

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

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

  • Fairspot Transactions (CSV)

Follow these instructions to download your transaction statements from Helium:

  1. Go to the Fairspot HNT Export Tool.
  2. Enter your Helium Wallet Address.
  3. Click Generate Report button.
  4. Ensure All Years is selected for Tax Year.
  5. Ensure Raw Data is selected for CSV Format.
  6. Click Download All Transactions CSV button.
  7. Don't modify the filename.
  8. Once you have your files, upload them to your Helium data source in Syla, and click Secure Import.

Syla’s smart tax logic for Helium

You’ll find some really smart logic in Syla that is going to make doing your crypto taxes on Helium 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.

Syla has support for the following transaction types on Helium and more:

  • rewards_v1
  • payment_v1 and payment_v2
  • assert_location_v2
  • gen_validator_v1
  • security_exchange_v1
  • stake_validator_v1 and unstake_validator_v1
  • transfer_hotspot_v2
  • transfer_validator_stake_v1

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.

Last updated
Nick Christie
Nick Christie
Brisbane, Australia
For Accountants
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