Over the last couple of months, cryptocurrency markets have gone through the roof. If you have been lucky enough to ride this wave, then you may have Capital Gains Tax (CGT) issues to consider.
Again and again when it gets to tax season, clients will send through historical information to us with the sole objective to minimise their tax burden as much as legally possible. Whilst we do our best, we can’t change the past.
Minimising your CGT is all about timing and having the correct investment structures in place. For most cryptocurrency investors, tax is often an afterthought as people jump in wanting to make money now and worry about the tax later. Due to this fear of missing out, many cryptocurrency investors get caught out paying more tax than what could have been required.
At Marsh & Partners we have developed cryptocurrency specific systems that allow us to calculate your cryptocurrency gains and losses in the most tax effective way. Where possible, we also identify significant tax planning opportunities, restructures and strategies that can minimise your current and future taxation liabilities.
If you are interested in reviewing your options whilst meeting your ATO compliance goals, then we recommend that you contact our highly skilled team to discuss what options are available to you.
If you are new to cryptocurrency and unsure of how it works you can read our article – How does cryptocurrency work?
Further help
If you would like clarification on your tax position or help setting up an investment structure, feel free to contact Marsh & Partners to discuss your options. You can reach us on (07) 3023 4800 or at mail@marshpartners.com.au.
You can find out more about working with Marsh & Partners here. As your Absolute.Account.Ability partner we’re on a mission to make your business life better. We’ll help you set goals for your business, devise an Action Plan to make them happen and meet with you regularly to ensure you stay on track.
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