Given the popularity of myTax in Australia as the ATO’s official online platform for tax reporting, it’s important to understand how to report your crypto profits, losses, and income alongside your regular income and capital gains.

To accurately report your crypto transactions on myTax, you will need to calculate and enter both your crypto capital gains and losses, and any crypto income (like staking rewards or airdrops).

Crypto Tax Calculator can help you track your gains and losses, calculate your capital gains, and get ATO-ready reports in minutes.

Get started with a quick overview of how to report your crypto tax in myTax, or keep reading for detailed step-by-step instructions with screenshots from the ATO’s myTax portal.

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Step 1: Gather your documents and data

Accurate crypto tax reporting in Australia starts with thorough recordkeeping, as required by the ATO. Before lodging your tax return through myTax, you’ll need to collect a full summary of your crypto transactions for the financial year. This includes any:

• Buys and sells
• Swaps
• Staking rewards
• Mining income
• Airdrops
• Crypto used for purchases or payments
• Transfers between wallets (to identify non-taxable events)

The easiest way to do this is to use tax software like Crypto Tax Calculator which will automatically analyse your transaction history once you connect your exchange accounts or wallets.

Alternatively, most exchanges will let you download a CSV or excel file with your transaction history and relevant information, which can be used to manually calculate your taxes. If you're unable to get this information from your exchange or wallet, then you may need to keep your own records.

For each crypto transaction, the ATO expects you to have the following information to report it on your taxes:

• A description of the crypto asset
• The date you acquired and sold the asset and supporting receipts
• The value in AUD at the time of the transaction
• The cost base (including purchase price, transaction fees, and other relevant costs)
• The resulting capital gain or loss
• Records of any accounting or legal fees you’ve paid or tax software you’ve used
• Digital wallet records and keys

You can wait until you're preparing to file your tax return to gather these documents and transaction data. However, keeping records throughout the year will likely be easier (and more accurate) so they're ready to go when tax season rolls around.

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Step 2: Set up myTax to prepare and personalise your return

To lodge your tax return with myTax, you’ll need to set it up first. Start by creating a myGov account – or using your existing one – to connect to the ATO. From your linked services you will then select ‘Manage tax returns’ to report your tax. You will then need to calculate and report CGT, income, and deductions. If you’re in the middle of filling out the forms but need more time to calculate, you can save what you’ve done so far and come back to myTax at any point.

Here’s how you can prepare your crypto taxes in myTax:

1. Sign into your myGov account and make sure you’ve linked your account to the ATO to access myTax. Then select Tax → Lodgements → Income tax

2. Click ‘Prepare’ for your 2024-2025 Individual income tax return.

3. Make sure your contact and banking details are up-to-date. Then select ‘Personalise return.’

4. Fill out the relevant boxes for your regular income. Note: some of the boxes may already be selected, if the ATO has received information from your employer, bank, crypto exchange, or another organisation. Most of your pre-fill tax information will be available by late July.

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