Crypto Tax Calculator offers Australian’s with crypto in their Self-Managed Super Fund (SMSF) an unparalleled way to track their trading, inventory and capital gains/losses to remain compliant. It is extremely important to have all trading activities and holdings documented every financial year for SMSF audits and compliance. It is highly recommended to speak to an accountant before adding crypto to your SMSF as you may need to set up SMSF specific accounts and wallets, and ensure your SMSF trading activities are kept entirely separate to any day-to-day investing activities.
Setting Up your SMSF Account
The Crypto Tax Calculator platform can handle SMSF accounts with ease. Simply import all SMSF related wallets and exchange accounts, and follow the reconciliation steps to ensure all transactions are correct and all assets are fully accounted for. You can then purchase the plan that suits the level of trading in your SMSF accounts and download all required reports.
If you have both regular “day-to-day” investments in crypto and also isolated SMSF accounts, you must keep these separate on the Crypto Tax Calculator platform to assist with maintaining good reporting practices. A fantastic way to handle this situation is to utilize an ‘Accountant Plan’ on the Crypto Tax Calculator platform. This plan allows for multiple accounts to be handled under one log-in.
To upgrade your account to an ‘Accountant Plan’, go to the profile icon in the top right and select plans:
Select ‘Accountant Suite’:
Click 'Get Started':
Select ‘Create Account’.
WARNING: This action is irreversible. Do not continue unless you are sure you would like to proceed.
Once you have completed these steps, you will see you now have a ‘My Clients’ tab at the top of the page:
To add an SMSF account, select ‘Add New Client’ in the top right:
Follow the prompts to add the client:
Once completed, you will see you have a new entity under your client list. This is your SMSF entity and by clicking on it and then heading to imports, you can now import all SMSF wallets and accounts separately to your personal accounts.