How to use the free %dynamicValue% tax calculator?

Using our free %dynamicValue% tax calculator is straightforward – simply enter your %dynamicValue% transactions, including your buys and sells, plus any other activity you may have performed such as staking, DeFi or receiving airdrops and token rewards.

The calculator will instantly provide you with an estimated tax position based on the details provided.

For a comprehensive, ATO-compliant tax report that covers all your crypto activity across multiple wallets and exchanges, sign up for a full account.

Select the %dynamicValue% transactions that you want to calculate tax for

Our %dynamicValue% tax calculator can estimate the tax owed for the following %dynamicValue% activities: Buying and selling (i.e., trading), selling NFTs, receiving and selling airdrops, staking income, liquidity pool rewards, and leverage trading income.

You can calculate the capital gain/loss for a single activity (i.e., a single trade) or combine them to calculate your overall capital gain/loss across all activities.

Simply select the activity you would like to calculate and then fill in the details.

If you would like to calculate multiple transactions for a single activity, press “Add transaction” and add the details for each transaction.

Enter the details for each activity

Enter the details for each transaction you want to include in the calculations. You can include several transactions and transaction types in a single calculation.

Note: Make sure to use the same fiat currency for all transactions. This should be the fiat currency you want to calculate your tax in.

Buying and selling

• Select the cryptocurrency or token you want to calculate tax for (eg, BTC, ETH, SOL).
• Enter the acquisition value, which is how much you purchased it for in fiat currency (eg, USD, AUD, GBP).
• Enter the disposal value, which is how much you sold it for in fiat currency.
• Select whether you held the crypto for 12 months or less before selling it. This will affect the amount of tax owed, and, therefore, your overall profits after tax.

NFTs

• Enter the NFT you sold.
• Enter the acquisition value. This should be its value in fiat currency at the time you purchased it, even if you paid for it using cryptocurrency.
• Enter the disposal value, which is how much you sold it for in fiat currency.
• Select whether you held the crypto for 12 months or less before selling it. This will affect the amount of tax owed, and, therefore, your overall profits after tax.

Airdrops

• Enter the cryptocurrency you received from the airdrop.
• Enter the fair market value of the airdrop at the time you received it, in fiat currency.

Staking

• Enter the cryptocurrency you staked.
• Enter the value of the staking rewards you received, in fiat currency.

Liquidity pooling

• Enter the currency pair for the liquidity pool.
• Enter the value of the rewards you received from the pool, in fiat currency.

Leverage trading

• Enter the cryptocurrency you traded.
• Enter the value of the profit or loss from the trade, in fiat currency.

Enter your annual income

Enter your taxable income for the year from your salary and any other income streams.

Get your results

You can find an estimate of your tax liability in the Tax Outcome section. This section updates automatically as you enter the details for each transaction. Each section indicates the following:

• Gains
• Taxable Gains
• Taxable Income
• Tax Outcome

Please note that this is just a tool for a general estimate and is not intended to replace proper crypto tax software like Summ.

Accurately calculate your tax with Summ (formerly Crypto Tax Calculator)

If you sold or traded any crypto on %dynamicValue% in the past financial year, then you will need to submit your crypto related activities on your tax return.

While simple tools like this free calculator are helpful for getting an estimate of your taxes, they are not accurate and not a substitute for professional tax software like Summ.

Summ provides full support for unique ATO reporting requirements, including Australian specific rules around personal-use, mining, staking, and airdrops.

It integrates with MyTax and provides you with all the forms you need, such as a capital gains summary, income summary and detailed reports for accountants.

Simply import your wallets and exchange accounts and the calculator will do the rest – categorising transactions, identifying capital gains and income activities, and even identify opportunities for savings like tax-loss harvesting.

Creating an account is free, and you only have to pay if you want to generate a tax report.

How the %dynamicValue% Tax Calculator works

Our simple %dynamicValue% tax calculator analyzes your %dynamicValue% transactions to estimate your tax obligations. Different %dynamicValue% activities are taxed in different ways:

When you buy and sell cryptocurrencies on %dynamicValue%, the calculator determines your capital gains or losses by comparing your purchase price to your sale price. A higher sale price means a capital gain, while a lower sale price results in a capital loss.

Income-generating activities are calculated differently. Staking rewards, airdrops, liquidity pool fees, and leverage trading profits are typically treated as income based on the fair market value when received.

The calculator automatically determines whether each transaction results in capital gains/losses or income, helping you understand your potential tax obligations.

Note: This free tool provides a quick estimate and is not designed for accurate tax reporting. For precise calculations adhering to ATO accounting rules, you will need to use Summ which will provide you with a professional report ready to file with TurboTax or your accountant.

How %dynamicValue% is taxed

In the Australia, the ATO treats cryptocurrencies as property, not currency. Property includes things such as cryptocurrencies, housing and shares.

This means that selling crypto on %dynamicValue% is often subject to capital gains tax, however, some activities on %dynamicValue% may be subject to income tax, depending on the nature of the activity you performed.

• Capital Gains Tax: A capital gain occurs when you sell, trade, or dispose of crypto for more than you paid for it. Tax rates vary depending on how long you held the asset before selling it.
  • Short-term: Gains are classified as short-term if you held the asset for one year or less before disposing of it.
  • Long-term: Gains are eligible for the Capital Gains Tax (CGT) discount of 50% if you held the asset for more than one year before disposing of it.
• Income Tax: Income tax applies to income earned from mining, staking, or receiving crypto as payment for work. The tax rate depends on your annual income bracket.

To accurately calculate your %dynamicValue% taxes, you’ll need a detailed record of every transaction, including purchase price, sale price, fees, and dates. This can get complicated fast, but software like Summ can do this for you automatically when you connect a wallet or exchange account.

What affects your %dynamicValue% tax

Your %dynamicValue% tax liability depends on multiple factors:

• How long you held before selling: Long-term investments (held over a year) are eligible for the Capital Gains Tax discount of 50%.
• Fees: Transaction fees can reduce your taxable gains. Accurately deduct these costs to minimise your liability.
• Annual income: Your total income, including crypto earnings, determines your tax bracket and the rate applied to your gains or income.

How you can lower your %dynamicValue% tax

You can reduce your crypto tax burden through several strategic methods:

• Tax-loss harvesting by selling underperforming assets to offset gains
• Holding assets for over one year to qualify for the CGT discount
• Considering tax-efficient inventory methods like FIFO or LIFO methods where permitted