Save Hours of Headaches With Cryptocurrency Taxation

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Local Support.
LocalĀ Development.
Blockchain Expertise.

With hundreds of thousands of Australians buying cryptocurrency after its recent hype it is increasingly important to have the right tools for clients to monitor their online coins and tokens and the tax liability that comes with them.

However, to date this has been a time-consuming task at best – even assuming the accountant understands the volatile and confusing cryptocurrency landscape! Furthermore no local platform with support has been available.

This changes now.

Flexible Data Entry

If an exchange is not already natively supported our tool supports both a custom CSV option for bulk importing and an unsupported exchange file upload where our developers will work on adopting the exchange.

Traders and Capital Gains

Sublime IP provides data summaries for both individuals where capital gains applies and trades operating as a business.

Client Logins

Portfolio’s created by an accountant generate a client login so both clients and accountants can manage and view the portfolio data. Clients can only access their portfolio.

Linking Algorithms

For portfolio’s where capital gains apply pick from First-In-First-Out, Last-In-First-Out and Highest-Cost-First-Out.

Multiple Portfolios

Accountants can access any of their clients portfolio’s under one login. If a client is already a Sublime IP customer they can request the account to be managed by the accountant.

Local Support

Cryptocurrency can be confusing. Local support is available both over the phone and online during Australian business hours.

How The App Works

Step 1) Import All Data

Users can import their data from both Australian and International exchanges using CSV and Excel Spreadsheet exports. Users are encouraged to upload their data from unsupported exchanges as we are regularly adding compatibility with new exchanges each week.

Users can also import transaction data from the Ethereum platform which allows tracking of Ether and ERC20 tokens which is the most common ICO platform to date.

Step 2) Data Sanity Checks

Whether the user is considered a trader or investor, they are given the option to run a linking algorithm. Aside from being used to calculate capital gains it also is a useful sanity check. The app highlights any trades disposing of a cryptocurrency asset with no un-used cost base. Additionally any negative balances are also highlighted on the asset page. This helps ensure data is complete and reduces the likelihood of incorrect figures.

Users are given an option to run three linking algorithms – First In First Out (FIFO), Last In First Out (LIFO) and Highest Cost First Out (HCFO).

Step 3) Data Exports

Once users have checked through their data and satisfied with the outputs they export the data into three files in CSV format.

  • Raw Trade Data: This is a list of each transaction up to the end of financial year
  • Trader Data: This contains the start of financial year balance, end of financial year balance, end of financial year balance value, end of financial year balance cost and net positions of assets acquired/disposed through the financial year.
  • Capital Gains Data: This is the breakdown of the trades and how the cost base is calculated for each trade disposing of a cryptocurrency asset.

Quickly About Us

We are verging on ancient in the tech space. Sublime IP has been delivering professional IT services for over 25 years. Our wholly owned subsidiary “Dialix” is arguably the first ISP in Australia, providing internet services in the 1980’s in Western Australia. You can read more about us on our main website.
We are involved with the blockchain taxation group organised by the Australian Digital Commerce Association. ADCA, among other things, provides industry guidance to government and relevant authorities (including the ATO) with respect to informal guidelines and formal regulations.

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