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.

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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.

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.

It's very difficult to correctly calculate all the tax outcomes of your crypto by hand unless you're a tax professional.

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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. 👍

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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.

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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.

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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:

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Bittrex is a leading cryptocurrency exchange that provides a robust platform for trading a vast array of digital assets in a secure, regulated environment.

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:

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.

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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.

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.

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.