Clear Tax Accountants Urges Australians to Get Crypto Records in Order

MELBOURNE, Australia - Oct. 3, 2025 - PRLog -- Crypto continues to attract Australian investors, but many are overlooking one critical area: proper record-keeping. Clear Tax Accountants is warning that without accurate records, investors risk paying more tax than they should or worse, facing compliance issues with the Australian Taxation Office (ATO).

Why Records Matter

The ATO has been monitoring cryptocurrency for years. Exchanges are required to report data, which means every trade, swap, and disposal is visible. What the ATO cannot see is the intent behind each movement.

"Investors often assume their exchange will handle all the reporting, but that is not enough," says Yuvraj Verma, Director and Co-Founder of Clear Tax Accountants. "Without your own records, a simple wallet transfer could be mistaken for a taxable event, and that mistake could cost you thousands."

What Needs to Be Kept

The ATO expects a full set of details for every transaction, including:

• Receipts for purchases, sales, and transfers.
• The date of each transaction.
• Wallet addresses or counterparty information.
• Exchange records showing trades and movements.
• The value in Australian dollars at the time.
• Fees such as exchange charges or reporting software.
• Digital wallet records and keys.

Each cryptocurrency is treated as its own capital gains tax (CGT) asset, so records must be maintained separately for each coin or token.

Risks of Poor Record-Keeping

Lost records or incomplete histories can lead to inflated tax bills. For example, transferring crypto between your own wallets without evidence may be classified by the ATO as a disposal, creating a false taxable gain. Similarly, closing an exchange account without exporting data may leave you unable to prove your true position.

Simple Steps to Stay Ahead

Clear Tax Accountants recommends that investors:

• Export transaction histories every quarter.
• Download complete records before closing an account.
• Use Australian-based crypto tax calculators where possible.
• Keep safe backups of all records.
• Seek help quickly if data goes missing.

By law, crypto records must be kept for at least five years from the date of creation or from when the CGT event occurs.

Guidance for Investors

"Crypto is not invisible to the ATO. The best way to protect yourself is to treat your crypto records like any other investment documents," adds Yuvraj Verma. "Good record-keeping means fewer surprises, lower stress, and often, lower taxes."

Looking Ahead

With tax compliance becoming more data-driven, crypto investors who stay organised will have a significant advantage. https://cleartax.com.au encourages Australians trading or investing in crypto to review their record-keeping now, rather than waiting until tax time.