H&R Block Australia has partnered with software data solution, CryptoTaxCalculator, providing a new and niche service for Australian customers, while ensuring all crypto tax obligations are accurate and simple.

Implementing software that identifies, tracks, and organises a personal digital portfolio across hundreds of exchanges and blockchains, H&R Block can now generate secure crypto reports with the potential to eliminate any penalties, issues, or audits come tax time.

Using software that supports the Australian Taxation Office (ATO) requirements, CryptoTaxCalculator performs calculations to a high degree of accuracy. The platform is able to consolidate all digital transactions across multiple wallets, to calculate capital gains and losses of the previous year, and what tax on each trade may be.

All reports generated by CryptoTaxCalculator are now included within the standard H&R Block tax preparation fee.

H&R Block Australia managing director, Brodie Dixon said, “Cryptocurrency advice has quickly become a fast-growing area for H&R Block Australia, so when it came to sourcing a fit-for-purpose tool to support in this area and arm our professionals with even more knowledge, the CryptoTaxCalculator proved efficient in meeting all our needs. The individual investment reports now generated in house, prove we’re yet again one step ahead of the rest.”

There are many complexities of cryptocurrency and its tax obligations, but by far the most important, and most often misunderstood, is the tax implications of cryptocurrency gains and losses.

“Contrary to popular belief, the anonymity of the digital world does not translate to the licence to ignore tax obligations – the Australian Taxation Office (ATO) having warned that data from banks, financial instructions, and online exchanges can and will be tracked,” Dixon added.

“Now, with many virtual currency transactions considered a taxable event, it’s the tax professional’s responsibility to calculate the gains and losses, track cost basis, and ensure tax returns are accurate, which can be especially complex if clients use multiple exchanges or purchased NFT’s.”

CryptoTaxCalculator co-founder, Shane Brunette added, “We’re excited to partner with forward-thinking tax professionals H&R Block, enhancing their service offerings to include the cryptocurrency space for their clients.”