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Cryptocurrency Tax

The Australian Crypto Tax Reporting Tool for Investors & Traders

By August 11, 2018 August 12th, 2018 No Comments

Finally, an Australian crypto tax reporting tool has arrived

In this Spotlight feature, we will be focusing on Sublime IP’s new Australian crypto tax reporting tool for aussie investors and traders. Launched by the well-established IP provider last month, the web app is designed to make capital gains tax and traders’ income tax simple.

The tool works with a range of Australian exchanges – and if you can’t see yours in Sublime IP’s exchange list, it says it will integrate with the exchange and even import your data. It provides online tutorials for importing exchange data from Binance, BTC Markets, Coinbase, Coinspot and KuCoin. Soon Independent Reserve and BitFinex will be added to the list.

Image of Sublime IP's Australian crypto tax reporting tool which shows the web app being used

If you want to rid yourself of the pain if EOY tax reporting, this online tool offers more than a helping hand. It includes a calculator, for both Australian crypto traders and Capital Gains Tax (CGT), which estimates tax payable based on personal income and other CGT such as shares. The tool has received a good response in online forums and a universal thumbs up for customer service.

Sublime IP has been proactive in helping Australian crypto investors make the most of its technology. While it admits the tool is still in its infancy, it is already proving its worth. Users have been quick to point out its benefits.

The basics of the web-app

So, how does the app work? Firstly, it converts all your trades to AUD values using historical crypto trades and rates. Simply download your exchange transaction history and upload it to the app. The result is an expertly formatted spreadsheet with all the relevant information. The goal is to help app users quickly understand how each cryptocurrency has performed in FIAT. And without the need to look up historical pricing themselves.

Sublime IP says:

“Spreadsheets quickly become overwhelming, especially if you have more than a handful of trades – let alone thousands.”

What about security? This Australian crypto tax reporting tool does not save uploaded files. It only stores your data temporarily – while it converts the information. When the conversion is complete, your file will be removed. Sublime IP says it intends to add a “nuke account” feature so, those who want to, can delete the data themselves.

How much does it cost?

And pricing? There are three levels of service packages. The one you can’t afford not is try is the free trial. Use it for up to 50 trades in the Financial year. You can link trades using FIFO, LIFO or a custom method.

The free trial also allows you to export data in an accountant-friendly CSV and view profitability per asset.

Other pricing options are full access for $44, which includes up to 10000 trades in the FY as well as Australian support, and custom packages. Prices are likely to increase to $66 in the future.

About Sublime IP

A bit about Sublime IP. This company has been around for 25 years, and was founded in Perth and owns DIALix, Australia’s first ever commercial Internet Service Provider. Over the years it has achieved a global client base, offering IT services. These including payment handling and cloud/colocation solutions. Its clients include Domino’s Pizza and Lion.

For further information about the tax reporting tool, visit Sublime IP.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision. Cryptocurrency Australia Media, or the author, may have holdings in the cryptocurrencies discussed. Referrals and affiliate links do earn us commissions but they are products or services we personally use and would not endorse if we did not believe in them

 

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