End of financial year tax reporting for BTC Markets account holders is now available!
In collaboration with ADCA (Australian Digital Commerce Association), BTC Markets has taken an active role in advocating for the industry and the broader digital asset community with Australian regulators and legislators, on issues affecting adoption, and use of digital assets.
In July 2017 the Australian government amended taxation legislation to remove GST from the sale of digital currencies. This move legitimised digital currencies in the Australian financial landscape and codified digital assets broadly, as a genuine alternative to traditional financial systems.
With the burgeoning markets of 2017 and 2018, digital asset holders faced the difficult task of interpreting new and evolving taxation legislation, to report personal taxation outcomes for digital asset trading in the financial year.
To assist BTC Markets users in understanding tax implications for trading on the BTC Markets platform, with guidance from an industry-leading accountancy firm, BTC Markets is pleased to announce the launch of its proprietary tax reporting feature. Through the account page, you can now generate tax reports and view your capital gains, wallet balances and detailed transaction-level tax reporting for the selected financial year.
For more information on the tax report feature, please read the general disclaimers here and as always seek professional tax advice on your personal tax situation.