Doing taxation is a terrible job, and when it gets top crypto taxation, things get even more complicated because of the inconsistent global Cryptocurrency regulations. This is where crypto software for tax comes in handy. But as the complication around taxation is rising, the number of tax software is increasing, making it extremely difficult for users to pick the right one. Hence here is a list of the leading and the best crypto tax software in Australia that could be game changers for calculations for taxpayers.
Crypto.com Tax is an online tax calculation software that is available free of cost and helps users instantly produce crypto tax statements. The software completely integrates with mostly all leading Australian crypto exchanges & wallets and the statement of transactions can be easily imported which includes buying, selling, trading, gifts, airdrops and more. The interface of Crypto.com tax is very well structured and has been designed for beginners to easily use even when taxation is a tedious process.
Koinly is a fairly simple platform for retail and individual investors. The software itself manages the crypto wallet and also keeps track of all the transactions. By generating transaction wise report for tax purposes, it helps users in addressing their tax depositis in time and accurately. All transactions connected to the Koinly wallet be it buy, sell, minned or airdropped get covered in the report. Koinly also tracks market prices and updates the tax reports on the timely basis. Koinly’s service charge is only $179/year for the premium package.
Another amazing crypto portfolio tracker and tax calculator software, Cointracker does cover a lot of high end services that are usually expensive. Cointrackers boasts of having one of the most advanced tracker for crypto potfolios that tracks and monitors all trades at the same time and generates near accurate data. The platform allows the users to view profit and loss data along with tax details through its server. Currently, CoinTracker has over 300000 satisfied users from every conrner of the world . The team behind the latform is also fairly profession bringing in quality to the product and excellent customer service.
TaxBit crypto tax software is developed by leading CPA’s and Tax officers and attorneys of Australia. Will a provision to connect over 4200 crypto coins and tokens across the globe, Taxbit accont also allows easy exchange of coins along with managing and monitoring of protfolis. The software also allows to make transactions that align with the US Tax codes . The software also allows features like portfolio analytics, fund audits and capital gains and loss statement. This internet banking software is not free and comes at USD 500 per year with all the features.
Crypto trader is not a plain vanilla tax calculation software but a automated trading bot for cryptos. Trade routing and tax payments are extremely reliable here due to its automated features that take away the tedious tax data collation. This automated platform takes care of all the users data via crypto wallet and calculates and pays taxes accordingly. Once the user connects the app, they don’t have to do anything regarding their tax payments. Additionally, the platform gives supports to various other reports to keep a tab on the tax liabilities which include cryptocurrency income report, short & long term sales report, Fund audit trail, year end positions report, turbo tax direct import, and TaxAct direct import.
Another strong contentder when it comes to picking up a crypto tax software, TokenTax was founded by Alex Miles in 2017. The pltfrom has capabilities of pulling all data directly from crypto merchant wallets and importing into the platfrom. The platfrom had also been handed the Product Hunt Global Hackathon award in 2017 for its data ability skills. The platform has no limitations and brings in data from any crypto platform. The tracking is flawless for all wallet transactions and so is the tax calculations and report preparations
BearTax ( now Known as FYN)
A low cost options that still delivers results efficiently, BearTax is globally known for its premium services. Apart from Australia, the platform supports users from USA, Canada and India. Beartax also supports auto tax audits as the platform fetches tax data instantly and deducts from the wallet. The best thing about the platform is it doesn’t have charges for per trade. The complete package of the software comes at around USD 200/ year allowing unlimited number of transactions.
Zenledger satisfies the demands of both investors and accountants with the data it provides for tax purposes making it the fastest and friendlist tax software for crypto tokens and coins. The platform also provides tools to users and accountants which reduce the uncertainty, frustrations that a individual bears of crypto tax accounting. The platform offers two type of premium services in one where the user can generate tax token reports and other one where tax is paid automatically on behalf of the investors.The packages are also available at a minimum cost and solves all crypto tax problems easily and effiecntly