To determine the possible profit or loss from your cryptocurrency assets, including Bitcoin, Ethereum, Dogecoin, Shiba Inu, Solana, Cardano, and others, use the Crypto Tax Calculator Australia. The best Bitcoin calculator available. Get the most comprehensive cryptocurrency calculator with a huge selection of cryptocurrencies! For instructions on calculating cryptocurrency profit/loss, see below:

Step 1: 

Decide which fiat money you will use to trade, exchange, or purchase cryptocurrencies. To find the desired currency, click or tap the currency drop-down button. Simply enter the currency's name into the search bar. then choose the currency by clicking on it. For instance, USD (United States Dollar).

Step 2:

Decide the cryptocurrency you want to use. To find the desired currency, click or tap the cryptocurrency drop-down option. Simply enter the word "crypto" in the search box.

Step 3:

Enter the amount (in fiat) that you invested in the "Investment" column. for instance, $1000. (Alternatively, you can click the toggle switch next to "By Unit" to enter a cryptocurrency unit rather than a fiat sum. (For instance, 1.06 BTC.

Step 4:

Enter the price of the cryptocurrency when you bought it in the "Initial Crypto Price" column.

Step 5:

Enter the price at which you sold your cryptocurrency in the "Selling Crypto Price" section.

Step 6:

Enter the cost (in percentage) that your exchange changes for purchasing/trading the cryptocurrency in the "Investment Fee" section.

Step 7:

Enter the fee (in percentage) that your exchange changes for selling or exchanging the cryptocurrency in the "Exit Fee"

Step 8:

 Finally, your profit or loss for your investment will be displayed in the screen.

How Should I Calculate My Crypto Profit/Gains?

You can determine your cryptocurrency profit or loss in one of two methods.The first is to compare the worth of your holdings to the cost at which you originally purchased them. The second method involves calculating your profit or loss in fiat cash.Let's say, for example, that we purchased 1 BTC in January 2018 for $10,000 and sold it in December 2018 for $15,000. How much money did we bring in?Using this mathematical method, we came out ahead by 50% ($5,000). You can determine whether you made a profit with certainty by deducting the purchase price from the selling price.

How Are Crypto Taxes Calculated?

When you're unfamiliar with the world of cryptocurrencies, it might be difficult to calculate cryptocurrency taxes. There are so many various kinds of cryptocurrencies, and they all fluctuate in price in different ways. You must keep track of all your transactions throughout the year and determine whether there were capital gains or losses on each one in order to compute your cryptocurrency taxes. For instance, you would have made $5,000 in profit if you bought 1 bitcoin for $10,000 and sold it for $15,000 six months later. It would be simple to figure out your taxes if this was the only.

However, things become a little more complicated because there are now two transactions with distinct price ranges involved if you purchased one bitcoin for $10,000, sold half of it for $11,000, and retained the remainder.

Identifying whether a transaction is a capital gain or loss is the first stage. Depending on how long you owned the asset before selling it, each country has different tax laws that determine how much you must pay in taxes on capital gains or losses.

Should I Invest My Bitcoin Profits Again?

Depending on your objectives, the answer to this question will vary. You don't need to reinvest your profits if all you want to do is make a quick buck and leave. Yes, you should reinvest your profits if you want to benefit from the potential for long-term growth in the cryptocurrency market.

How can the Australian Crypto Tax Calculator assist me with my crypto taxes?

We will assist you in calculating your realised capital gains and current holdings; all you need to do is import your transaction history. After that, you can send this to your accountant or tax advisor and keep thorough records on hand in case an audit is necessary.