We have just finished the financial year here in Australia and it is during this time that we start receiving all the end of financial year statements required to complete your tax returns.
From a crypto investment standpoint, this is super simple for anyone who uses Stormrake for all their crypto trades with the CryptoTax Calculator x Stormrake integration.
A Step by Step Process on How to Use the CryptoTax Calculator
Stormrake provide all customers with their end of financial year holdings. This should be saved as a CSV File on your computer as it will be used in CryptoTax Calculator:
Here is an example of an end of financial year holding report email that Stormrake clients receive
As an existing CryptoTax Calculator customer, clients just need to log into their account. For new users, use the code 'STORMRAKE20' to receive a 20% discount when signing up. Once logged in, click on Integrations and then click the purple + Add integrations button.
Type in Stormrake and select the Stormrake option:
Next, drop the previously saved Transaction CSV File onto the area that states Upload or drag & drop your files here:
Depending on the number of trades placed with Stormrake during the year, the importing will take anything from a few secs to a couple of minutes:
Once the import is complete, you will receive a summary as outlined below. This client has been with us for many years:
CryptoTax Calculator also provide you the number of transactions that have been imported:
Next step is to review the transactions and ensure they all line up. CryptoTax Calculator makes this easy for you to do by stepping through theme: Categorising transitions, Resolving missing prices and resolving missing purchase history.
If all your crypto trading is done via Stormrake, you will not need to spend any time doing this. The only time it may be necessary is when you have deposited crypto to Stormrake and they do not have the purchase price (in which case you can update these transactions) or if you use a DEX or exchange for other transactions.
Next step is to click on the Reports section which shows you a summary of your Total gains for the 2023-2024 financial year.
A couple of things to note:
- Check the settings under the Tax Settings. This will impact how your gains/losses are calculated and should be tailored to your own
- Review any suggestions from CryptoTax Calculator
Once happy with it all, click on Reports and select which tax report you would like to download:
- ATO report - use this report option if you are using MyTax to complete your taxes
- Accountant pack - use this report option if you use an accountant
- Custom - use this option if you wish to pick and choose which report to download
The process outlined above, importing the Storrmrake end of financial year transaction file, reviewing the transactions and downloading the reports from CryptoTax Calculator, ensures you are ready for tax time in relation to your crypto investments.
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No Advice Warning
The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
Disclaimer
All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.Copyright © 2024 Stormrake Pty Ltd, All rights reserved
