You must keep records of each of your crypto assets and every transaction, to work out whether you have a made a capital gain or loss. For your crypto assets, you should keep:
- receipts when you buy, transfer or dispose of crypto assets
- a record of the date of each transaction
- a record of what the transaction is for and who the other party is (this can just be their crypto asset address)
- exchange records
- a record of the value of the crypto asset in Australian dollars at the time of each transaction
- records of agent, accountant and legal costs
- digital wallet records and keys
- a record of software costs that relate to managing your tax affairs.
You need to keep details for each crypto asset as they are separate CGT assets. Keeping good records is essential for meeting your tax obligations.
Keeping good records are important as crypto can be volatile. Our record keeping tips may help safeguard you against loss of information, which could happen at any time. Keep these records during the period you hold or transact using crypto:
- Export your transaction history regularly to protect you in case of loss of access to your account.
- Set yourself a reminder to export your transaction history at least every 3 months.
- Before closing an account, export your complete transaction history.
- Find a reputable Australian crypto tax calculator – there are free and low-cost services you can use to sync your exchange and wallet accounts.
- Use a blockchain explorer or contact the crypto exchange's customer service if you need to recreate lost records.
Keep records for 5 years from the later of:
- when you prepare or obtain the records
- when transactions or acts are complete
- the year that the CGT event happens.
You should keep records long enough to cover your amendment period (usually 2 or 4 years) for an assessment that uses information from the record.
Your records must be in:
- English or be translatable to English
- in writing, however they can be electronic or paper.