Australia has simplified the procedure of filing taxes on cryptocurrency transactions
Filing of taxes related to profits and losses of cryptocurrencies is not at all simple. In the United States there are various tools for solving this problem. In other countries this problem remains unresolved more. Australia now has a tool known as BearTax, which should make filing taxes easy, fast and transparent.
Any app or platform that helps users of the cryptocurrency to file their taxes, is a godsend. Although not everyone agrees with the taxation in different countries it is becoming more and more a part of everyday life. BearTax is designed to ensure that tax returns relating to bitcoin and Aldona become fairly simple and allowed for the development of this industry.
BearTax works similarly to any other instrument for filing taxes in the world. Users can import transactions, calculate profit or loss and submit data on the taxes. The whole process is very simple and it is designed for payments by individual users, and CPA (Cost Per Acquisition). Data can be downloaded via the API exchange. Supports several trading platforms, including Coinbase and Gemini. It also includes decentralized exchanges, which are slowly gaining momentum among the users of cryptocurrencies.
Given the current control of the tax authorities is growing in importance maintain a complete register of transactions and their source. Filing taxes difficult and expensive, but it is MANDATORY in Australia and most other countries.