Frequently Asked Questions

All our pricing and fees are customised to the crypto investor. We will have a discussion with you to scope out the services needed. Once we understand what is needed, we will send a fee proposal to you. We generally send fixed fees for annual tax compliance, however for more ad-hoc services such as crypto accounting reconciliation, we estimate a fee range based on an estimated number of hours. For more ad-hoc services, we charge by the hour.  

Does your trad accountant know if hodling is spelt correctly, know how to use MetaMask, know how to navigate a crypto block explorer, know where to buy NFTs? If not, then maybe it’s time to speak to crypto tax accountants who understand this industry and knows it comes with its own unique challenges. Crypto is an evolutionary and ever-changing technology.  Given this fact, the ATO and other government authorities are really chasing their tail to keep up with it.  As crypto specialists, who have skin in the game, we pride ourselves on a commitment to keeping up with the technology and applying our years of tax and accounting knowledge, ensuring you don't get in trouble but most importantly ensuring you are paying only what is required.

The short answer is, No.

As Chartered Accountants we have obligations as to the information and advice we can provide you. We operate under a code of ethics which means in all advice we provide we must maintain objectivity. This means that we cannot give advice that might influence your decision to make a choice that aligns to our personal views.

Whilst we will actively promote this industry, first and foremost, the advice we provide will always be within the scope of our profession.

Any questions around choices to make regarding crypto asset options in itself is outside of the scope of the services we provide.

Therefore, our services are best suited for clients who:

1. Are already ‘in the game’ and want guidance on the tax consequences or accounting treatment of their portfolio; or

2. Clients who have done the work themselves in understanding the industry, they know what they are willing to commit, what they want to purchase and want to ensure they have the correct tax effective structures in place.

We cannot provide recommendations or advice of whether the investment is suitable for you.

Investing in bitcoin is just like any other investment decision you make or will make, our recommendation lies with learning. Dedicate your time, resources and energy to learning as much about this industry as possible. Learning brings wisdom and wisdom is the secret to helping make those big decisions.

If you are wanting advice from a third party, we only recommend seeking advice from those qualified, licensed and credible to give it.

What you may discover is that learning about crypto investing is a self-guided journey. We have listed below 10 resources to get your started.

1. The Price of Tomorrow – by Jeff Booth: available as a book or e-book

2. Broken Money – by Lyn Alden: available as a book or e-book

3. Digital Scarcity – by Jaya Klara Brekke and Aron Fischer: link to article is here: https://policyreview.info/open-abstracts/digital-scarcity

4. Shelling Out: The Origins of Money – by Nick Szabo: search article or audio on the internet

5. What is Money, Anyway – by Lyn Alden: article can be found on her website: https://www.lynalden.com/what-is-money/

6. Only the Strong Survive – by Allen Farrington: search article or audio on the internet

7. Jack Mallers Orange Pilling the IMF with Bitcoin – What Bitcoin Did: find it on YouTube, Spotify or any major social media platforms.

8. Bitcoin Is Civilization – by The Network State: https://www.thefp.com/p/is-bitcoin-anarchy-or-civilization

9. Can Bitcoin Mining Save The Environment? with Troy Cross – What Bitcoin Did podcast: find it on YouTube, Spotify or any major social media platforms.

10. 6 min video on what is Bitcoin -  https://x.com/WatcherGuru/status/1769027151532073213

As mentioned above, we cannot provide recommendations or advice of whether this investment is suitable.  However, investing in Bitcoin should be a decision like any other investment decision and be made under informed and educated circumstances.

You may have also heard the old crypto mantra of “not your keys, not your coins”, so we’ll add that caveat when holding any crypto on exchanges. What this means is if you do not know your keys, it’s not really your asset.  Investing in crypto comes with great responsibility to ensure you know what you are doing and keeping the records to control your crypto.

That is your choice to make. Do your research to find the most appropriate platform for your investment choices.

It is generally recommended to use one of the major Australian exchanges, simply because of reporting standards. Australian exchanges tailor their reports specifically to the Australian regulatory landscape and tend to have better reporting standards than the overseas counterparts for completing your tax compliance requirements. The four big players in the Australian market are Swytfx, Coinstash, BTC Markets, CoinSpot and Independent Reserve.