Australia-based BGL Corporate Solutions has partnered with Australia-based cryptocurrency tax software Syla to automate crypto transaction data. Through this partnership, BGL’s Simple Fund 360 and Simple Invest 360 solutions have become integrated with cryptocurrency tax software Syla to support the automation of cryptocurrency transaction data for SMSF, company, individual, and trust portfolios.

In essence, BGL clients can sync their clients’ crypto transaction data from any digital currency exchange connected to their Syla account into their Simple Fund 360 and Simple Invest 360 software. According to australianfintech. com.

au, BGL’s free and open API is being used extensively across the industry, with more than 350 data feed and integration partners in the BGL Ecosystem working to provide a comprehensive experience to BGL clients. BGL officials cited by the same source revealed that 1 in 4 Australians are investing in crypto, a trend that poses new challenges to accountants when it comes to compliance work, as a single portfolio can sometimes include hundreds or even thousands of crypto trades. With Syla, accountants can automate the journal entry process for every crypto purchase and sale thus saving time and effort.

Syla representatives also highlighted how tedious it can be to enter manual journals for every crypto purchase. They also talked about the partnership with BGL and how it can help clients to sync all crypto trades, income and other transaction data from any crypto exchange into their Simple Fund 360 and Simple Invest 360 software. Cryptocurrency tax in Australia According to koinly.

io, crypto is legal in Australia and is taxed as property. Furthermore, cryptocurrency exchanges operating in Australia need to register with AUSTRAC as a financial service provider. In the eyes of the Australian government, cryptocurrencies are classified as properties and represent an asset for Capital Gains Tax (CGT) purposes.

This includes cryptocurrency coins, tokens, NFTs, and stablecoins. However, depending on the specific transaction, these digital assets may also be viewed as additional income and taxed as Income Tax. The way Australian citizens are taxed depends on the circumstance and the specifics of the transaction.

Crypto investors in Australia are subjected to a Capital Gains Tax (CGT) whenever they dispose of their assets either by selling them for AUD or another fiat currency, swapping crypto for crypto, gifting crypto, or spending it on goods and services. Holding crypto for at least a year before disposing of it makes the holder eligible for a 50% discount on any capital gain. .