The end of the financial year is an important time to get your financial records in order. If you’ve been using Revolut, here are some of the things you need to know so you’re prepared for your tax reporting.
Reporting income from your trades
If you’ve bought or sold cryptocurrencies or commodities during the last financial year, you may have an obligation to declare the income you received from these investments on your annual tax return.
The following crypto or commodity transactions typically result in capital gains tax (CGT) events, which may require you to report a capital gain or loss:
- Sales or exchanges into any fiat currencies (such as AUD)
- Exchanges into another crypto or commodity
- Sending/gifting crypto or commodities to another person.
As with other assets subject to CGT, capital gains and losses from crypto or commodities may be offset against other capital gains and losses. If the crypto or commodities are held for over a year there may be an entitlement to a 50% CGT discount.
So what information do I need and where can I get it?
If you’re unsure of what you need in order to prepare your tax statement, it’s worth heading to the Australian Tax Office’s website for a full checklist of what’s required for your tax return.
Information on all your crypto or commodities transactions during the 2021 financial year are available in the Revolut app and you can even prepare your own statement to download.
To get transaction details from your Revolut account, follow these steps:
- Open your Revolut app and head to the Hub tab
- Open the Crypto or Commodities page
- Select the token or precious metal you’ve transacted in
- Tap ‘Statement’
- Choose if you’d like the record in a PDF or Excel format
- Input the dates for the Financial Year (e.g. July 2020 - June 2021)
- Tap ‘Get statement’ and save the file on your device
You can then use this information for your tax reporting obligations. Be sure to make use of the ATO’s income tax estimator, which helps you work out your potential tax refund or debt.
This information is not intended to be specific to your particular financial situation, objectives or needs, so remember, you should always seek independent financial or tax advice from a qualified advisor.
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