- While Bitcoin and Co struggle price-wise, the crypto asset class as a whole enjoys steady growth and mainstream adoption.
- One in five Australians now invest in crypto, favouring it over traditional assets like real estate.
- A new survey shows 61% of Australian crypto investors saw net gains in 2024, a 32% increase from the previous year.
- As crypto ownership rises, the demand for accountants knowledgeable in crypto taxes grows in Australia.
The crypto market may be in a somewhat boring phase right now, with most major digital assets trading sideways, but crypto as a topic is gaining increasing popularity.
From exchange-traded funds in the US and Australia gaining traction to the US election increasingly becoming a crypto-election – with more than half of US crypto holders recently saying they’d make their vote about crypto – the asset class is slowly but surely arriving in the mainstream.
A recent survey by Easy Crypto not only notes that one out of five Aussies are already invested in crypto, but also that the investment class is being seen more favourably than traditional investments like real estate – perhaps not entirely surprising the way that market has been going in the past decades.
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32% More Aussie Crypto Investors Make Gains Compared to Last Financial Year
But, a new survey conducted by Syla, an Australian company that offers crypto tax calculator software, showed that Aussie investors are making decent gains too.
Anonymised data shared with Crypto News Australia shows that 61% of Australian crypto investors have made net gains in the 2024 financial year – that’s a solid 32% increase from the last financial year.
Out of 800 crypto investors surveyed, 64% have been in the space for at least four financial years with 8% of investors lodging their crypto tax for the first time this year.
Guide: How to Reduce Your Crypto Taxes This End of Financial Year
The growing relevance of the crypto market is echoed by CEO of Platinum Accounting Australia, Coco Hou, who commented on the increasing scrutiny of the Australian Taxation Office (ATO) when it comes to crypto:
With such high ownership of crypto in Australia this figure is only going to increase and the ATO is developing more sophisticated systems and means to track ownership and transactions across centralised and decentralised exchanges and peer to peer.
Coco Hou, CEO of Platinum Accounting AustraliaAccountants with Crypto Knowledge Needed, Says Industry Expert
Hou said as crypto ownership increases in the country, accountants need to brush up on their crypto skills. According to Hou, accountants with knowledge in the field are increasingly sought after as Australians now hold more crypto than citizens of the US or UK.
Unfortunately, the number of accountants with crypto expertise is still below where it needs to be.
Coco Hou, CEO of Platinum Accounting AustraliaHou told accountants daily as cryptocurrency ownership grows in Australia, there’s a noted gap in tax guidance for both taxpayers and accountants.
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She emphasised the need for better understanding of the tax implications of crypto transactions, which are considered taxable events by the ATO. Proper knowledge about capital gains tax calculations and potential liabilities is also crucial for compliance.
Accountants can provide informed advice on the financial implications of investing in cryptocurrencies, including risk management and portfolio diversification.
Coco Hou, CEO of Platinum Accounting AustraliaCredit: Source link
