We’re delighted to release our updated our tax reporting tool. In addition, tax reports for financial year 2019-2020 are now available.
The update includes a new advanced proprietary Tax Characterisation Algorithm and adds first-in, first-out (FIFO) and last-in, first-out (LIFO) tax scenarios.
The report is generated by a powerful Tax Characterisation algorithm. Clients respond to simple Yes/No questions. Additional information is then drawn from their BTC Market’s account activity. The combined data is referenced against tax characterisation factors, published in case law and Australian Taxation Office (ATO) guidance.
In addition, clients may now select from several tax scenarios to calculate capital gains tax. This is may be relevant where clients have multiple purchases in one asset. The updated report now offers Averaging, FIFO & LIFO. These provide clients with the ability to easily compare their potential tax positions. The summary report is also broker compliant.
To access the tax reporting tool, first log into BTC Markets. Click the ‘account’ button. A list of tabs will display. Click the ‘tax report’ button. This will take you to the reporting page.