Question: Is the tax calculated on BearTax compliant with Australian Tax Guidelines?

TL;DR: BearTax doesn’t calculate tax — we calculate only taxable gains/losses by following FIFO or LIFO algorithm which is suggested by ATO in their tax guidelines.

Tax is a final amount that you owe to authorities based on various parts of your income from job, profits from business, capital gains from real estates or stock trading or cryptocurrency trading, rents from properties etc.,

So, gains on cryptocurrency trading is a small part while calculating your actual tax amount, which is done by a professional accountant (CA or CPA depending on the country) by considering all other income sources and files your tax returns appropriately.

Calculating your capital gains is irrespective of any tax legislation. However, the algorithms we use to calculate gains are FIFO and LIFO, which are compliant with the tax guidelines of ATO.

Since these gains needs to be considered along with what you make on stocks, real estate and other CGT related gains — BearTax helps you reduce your effort in consolidating trades, finding cost price at those timestamps, matching against buy and sell trades and gives you the gains/losses.

Thus, we provide you with the amount that needs to be fed into the tax returns in capital gains section of it. Actual amount of tax depends on your income range, other CGT incomes/gains/losses and many more factors.

So you aren’t accountants providing advice? how much is your service?

Yes, we are not accountants and not authorized to provide any accounting advice. Our service is free to calculate gains and view it. We charge you to download a detailed CSV (Itemized report for entry and audit purposes). Price for that depends on the number of transactions made. Starting from 0.99 USD

More details on pricing https://bear.tax/pricing.html. Pricing is per tax year — Once you make a payment, It is valid for this whole tax year.

There’s no paywall. You can connect your exchanges, review them and the pricing page will show the suggested payment plan.