How to file your tax return using the ATO MyTax Report
NOTE: This guide gives an example of how tax can be reported to the ATO using the CTC ATO MyTax report. Ensure to consult your accountant if you have any questions completing the form, as circumstances may vary depending on your individual situation. For example, if you are running a trading or mining crypto business, or you have recorded crypto taxable transactions in an SMSF, Company, or Trust, this guide will not cover those specific requirements.
Lodge your crypto tax on MyTax
Sign in to your myGov account and ensure you have linked the ATO service to be able to access your myTax. Select Tax → Lodgements → Income tax
Click “Prepare” for your 2022-23 Individual income tax.
Ensure your Contact details and Financial institution details are correct, and head to step 3 - Personalise return page.
On the 3 - Personalise return page, make the following selection in addition to your regular income to ensure that your tax return reflects your crypto activity.
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Check your ATO MyTax Report under Capital Gains Summary.
If you have capital gains or losses from crypto activity, select ‘Capital gains or losses that are not from a managed fund distribution’.
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Check the Other Income section of the ATO MyTax Report. If you have income listed under this section of the report, select ‘You had other income not listed above (including employee share schemes)’. Staking rewards are considered to be income by the ATO.
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If you want to claim the subscription cost of TallyTax, select ‘Gifts, donations, interest, dividends, and the cost of managing your tax affairs’. Alternatively, the subscription cost could be added to ‘Other deductions’.
Once finish the selection, click NEXT and head to 4 - Prepare return page.
How to fill out your capital gains and losses?
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Add/Edit your capital gains and losses. Ensure to separate crypto activity from your other capital gains and losses.
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The CTC ATO MyTax Report contains the three relevant fields of the same name to be input into the ATO form:
How to fill out your staking rewards and other incomes?
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Add/Edit your other income. Ensure to separate crypto activity from your other income.
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Go to ‘Any other income’ and 'Add' an entry
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Type of payment - Other
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Your description - From the Other Income section of the ATO MyTax Report, enter the entries that hold values, eg staking rewards, airdrop, interest, royalty
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Amount - Enter the corresponding value
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If you have more income categories to enter from the Other Income list, you can select ‘Add' again for 'Any other income’ and add these entries according to steps 1 and 2.
How to claim the deduction for your TallyTax (CTC) Subscription?
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Add/Edit your ‘Deductions’.
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Add ‘Cost of managing tax affairs’.
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Type of deduction - Other expenses incurred in managing your tax affairs
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Your description - TallyTax 2022/23 Subscription
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Amount - Your subscription price
According to the ATO, you may claim a deduction for buying software that allows you to prepare and lodge your tax return. However, keep in mind that you should consult with your accountant if you have any questions filling out the form.
Click ‘Save and continue’. Now you’ve done the crypto portion of your taxes! 🎉
Ensure you complete all other sections that are not crypto-related. If you have other crypto tax items not included in our explanation above, reach out to your accountant for advice.