Cryptocate and DMC Tax will be working together to take the complexity out of cryptocurrency tax this financial year!
Cryptocate will be assisting DMC Tax’s clients with their cryptocurrency capital gains tax reporting requirements, seamlessly fitting into personal tax workflows.
We will also be servicing DMC Tax’s client’s cryptocurrency requirements more broadly, with a focus on asset security and blockchain education.
Like many accountants, DMC Tax were daunted by the complexity of collecting, aggregating and reporting cryptocurrency trading data, and were unsure how to best accommodate clients trading cryptocurrencies.
This is a common story in the industry, as cryptocurrency is a new and often misunderstood asset class. Given that the average cryptocurrency trader is active on a wide range of exchanges, wallets and ICOs, complexity soon arises and the time required to understand the dataset becomes too much for an accountant to handle.
Cryptocate are at the cutting edge of the cryptocurrency industry, with knowledge of how to manage the complexities of cryptocurrency tax that often arise.
We make it dead simple to work with us. Here is a quick workflow:
- DMC Tax asks Client if they have been trading cryptocurrency.
- If yes, Client is connected with Cryptocate.
- Cryptocate works directly with Client to collect data, aggregate trades and complete a cryptocurrency CGT report.
- Cryptocate delivers the CGT report to DMC Tax, who then completes their Client’s income tax report.
DMC Tax offer a wide range of services, with staff trained in all areas of taxation and accounting, making them an ideal agent for anyone looking for professional advice. Already having a comprehensive service offering, DMC are now able to expand that offer with additional cryptocurrency related services provided by Cryptocate.
If you’re a part of an accounting office that could benefit from help in reporting cryptocurrency for personal income tax or Self Managed Super Funds, check out our offering or contact us today and we’ll talk you through how we streamline the process for our partners.
Until next time,