Cryptocurrency is becoming an increasingly popular commodity to trade and sell. It is giving people an opportunity to make a profit and start new careers from the comfort of their homes, which may be how you got started in cryptocurrency in the first place.

If you are someone who trades or sells cryptocurrency for a profit, then you will need to understand how tax works for this kind of cash. Because like all other forms of currency, cryptocurrency can also be subject to tax depending on how much profit you make.

Crypto profits may be subject to capital gains tax (CGT) in Australia, and this can apply to most people unless you are a professional trader.

To get you ahead of the game and ensure you are prepared for the upcoming tax season, we are going to show you the easiest way to work out what kind of tax may be owed on your cryptocurrency profits.

Calculate Crypto Tax Online

The easiest way to estimate how much tax you may owe on your cryptocurrency profits is to use the crypto tax calculator on this website.

This crypto tax calculator provides an estimate for how much tax you may have to pay based on your profits in the trading and selling of cryptocurrency. If this is a side hustle or hobby that you have taken on, it is important to know where you stand, and you may owe CGT for any profits you make over the tax period.

This crypto tax calculator can be a great starting tool for getting used to tax and understanding where you stand when it comes to your profits. In Australia, many profits, including those made in cryptocurrency, can be subject to capital gains tax, and this tool can determine how much you need to payout.

How To Work Out CGT?

It has never been easier to work out how much tax you may owe on your crypto profits, thanks to this handy crypto tax calculator. 

There is some select information that is required by the calculator to determine how much tax you may owe on your cryptocurrency:

  1. Enter the purchase value of your cryptocurrency 
  2. Enter the sold value of this currency
  3. Provide figures for any other taxable income you have earned over this tax period, including salary
  4. Confirm whether you have had this asset for 12 months or more

Using this information, the crypto tax calculator will determine how much of your profits are considered to be taxable. It will also clearly show how much NET profit you have made through the trading and selling of cryptocurrency over the past tax year, which is a good way to assess your efforts.

Get Started Today

Check out this website to use the crypto tax calculator and work out how much you may owe in capital gains tax. This is a great tool for traders and sellers of cryptocurrency that will keep you ahead of the game.