Your crypto accounting specialists

Why is crypto accounting so important?

Do you need help managing your crypto accounting and tax obligations?

With Ingrams’ crypto account services, you can easily manage day-to-day accounting of all your cryptocurrency transactions. Our team of professionals will make sure that all your accounts and taxes are handled professionally so you don’t have to worry about any mistakes or oversights. We take the hassle out of the process by automating everything from reporting to filing taxes for you, saving you time and effort.

You won’t have to spend hours calculating capital gains on each transaction or staying up late worrying about changes in regulations – we will keep track of it all for you with real time updates and notifications! Plus, our secure cloud platform ensures that none of your data is ever at risk.

Sign up now for Ingrams crypto accounting today! Get access to reliable financial management tools designed specifically for cryptocurrencies!

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Investing in cryptocurrency

You’re certainly aware that purchasing and selling cryptocurrencies directly can result in taxation, but did you know that exchanging one cryptocurrency for another can also result in a taxing transaction? The ATO wants a share of any exchange, whether NFTs, Ether, Bitcoin or Dogecoin. With the Australian Government and the Australian Taxation Office overhauling cryptocurrency regulations, it is our recommendation is to obtain specialist cryptocurrency tax preparation advice in advance of tax time.

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Trading and mining crypto

Traders of cryptocurrency hope to profit from short-term price swings over a few weeks or even a single day. This includes those who profit from price arbitrage, make calculated predictions using technical analysis and flip ICOs.

Cryptocurrency mining is akin to a digital gold rush, and everyone wants to get in on the action and mine coins to make a fortune and become the next Bitcoin millionaire.

There are a variety of conditions and types of mining that make each investor’s position unique. Still, fortunately for you, we at Ingrams Accounting are professionals in this field and can help you understand the tax requirements so you stay within the law’s limitations.

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Creating, buying and selling NFT’s

Non-fungible tokens (NFTs) are digital assets developed in limited amounts to ensure scarcity, such as artwork, domain names, music, and gaming characters. NFTs are not interchangeable in the same way that fungible digital assets like bitcoin or Ethereum are.

Each NFT is unique and recognized by a unique hash value. All NFTs are built on the blockchain and represent a digital certificate of ownership. It’s critical to understand your tax obligations whether you’re an NFT developer, investor, or collector.

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Business Operations

Receiving cryptocurrencies as payment? Congratulations on being an early adopter if your business already accepts or plans to accept cryptocurrencies. When a business takes cryptocurrencies as payment, there are often two tax implications.

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Book a free consultation with one of our crypto accounting expert

Book here

Why Ingrams Accounting for cryto accounting?

Fact-finding is crucial to gather information, while business setup establishes the foundation. Developing a sound business strategy enables growth, and referrals play a vital role in expanding clientele and opportunities

We’re certified leaders in crypto accounting.

We understand exactly what it takes to manage your digital assets and have the experience you need to make the most of your cryptocurrency investments

We believe in a holistic approach.

Ingrams Accounting is the appropriate solution for you if you’re a day trader, a Bitcoin miner, an NFT minter, or anybody else involved with cryptocurrency.

We help make plans for your taxes before you need them

Before the end of the tax year, we can assess your estimated gains or losses so that you can take advantage of the market and save as much money as possible.

Most importantly, we are here to help you!

The Ingrams Accounting team is here to assist our Melbourne and Australian clients in trading cryptocurrency with confidence, knowing that they are completely conscious of their tax duties.

Testimonials

Read all about what our long term clients say about the great crypro accounting services at Ingrams Accounting group

Henry Louey
Melbourne
I have been a client/customer/friend of Ingrams Accounting Group since i chanced walking pass their pop-up shopfront in Carlisle St East St Kilda and popped in to submit my tax return.
Fast forward 32 years, 5 change in jobs, opening up an ACN and 31 tax returns later i cannot speak highly enough of the team and Ingrams.
Louise Dingley
South Yarra
My annual tax return is not an issue, as Ingrams make it easy and follow up with anything I may or may not have included. My return is prompt and the service is outstanding. Chris and Cathy are very professional and extremely reliable.
Hawa Evans
Melbourne
Amazing professional services. Been dealing with Chris and team for quite some time now and really appreciate the consultation support provided by the team.

How can we help you tax it easy?

Get your business crypto accounting done with a smile.
Book a free 15 minute chat with our accountants South Yarra to discuss your circumstances.

03 9826 6000

[email protected]

Suite 2026, Level 19/644 Chapel St
South Yarra, Victoria 3141

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Small Business services – Frequently Asked Questions

We are here to help answer all your business services questions and provide you with the information you need to make an informed decision.

Business services are a crucial aspect of any organisation, as they help to ensure the smooth running of various operations. An example of such a service is a business setup, which involves the provision of support to entrepreneurs looking to start their own ventures. A good business setup service should provide guidance on registering the business, obtaining licenses, and setting up bank accounts, among other things.

Additionally, business strategy services are vital as they help businesses to remain relevant and competitive in their respective markets. These services can include market research, competitor analysis, and identification of growth opportunities. The right business strategy can make all the difference in achieving success. As such, it is vital to invest in reliable business services to ensure sustainable growth.

Setting up a business involves several key steps. Here is a general guide on how to set up a business:

  1. Idea and Research: Start by developing a business idea and conducting market research. Assess the demand for your product or service, identify your target audience, and evaluate potential competitors.
  2. Business Plan: Create a comprehensive business plan outlining your objectives, strategies, target market, financial projections, and operational details. A business plan is essential for attracting investors and guiding your business’s direction.
  3. Legal Structure: Determine the legal structure for your business, such as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Consider consulting with a legal professional to understand the advantages and disadvantages of each structure.
  4. Name and Registration: Choose a unique and memorable name for your business. Conduct a business name search to ensure its availability, and register your business name with the appropriate government authority. You may also need to register for a business tax identification number.
  5. Permits and Licenses: Identify the permits, licenses, and regulations required to operate your business legally. This may include local permits, industry-specific licenses, health and safety regulations, and zoning requirements. Research the specific requirements for your business and comply with them.
  6. Finances: Determine the financial aspects of your business, including startup costs, funding sources, pricing strategies, and accounting systems. Consider opening a separate business bank account to track your business finances.
  7. Location and Facilities: If your business requires physical premises, choose a suitable location and secure the necessary space. Consider factors such as accessibility, target market proximity, lease agreements, and any renovations or equipment needed.
  8. Team and Suppliers: Determine the staffing requirements for your business and recruit employees accordingly. Develop relationships with reliable suppliers and establish agreements for necessary goods or services.
  9. Marketing and Promotion: Develop a marketing strategy to reach your target audience effectively. This may include creating a website, using social media platforms, implementing advertising campaigns, and networking within your industry.
  10. Launch and Operations: Execute your business plan, launch your products or services, and start serving customers. Continuously monitor and manage your operations, adapt to market feedback, and seek opportunities for growth and improvement.

Remember, setting up a business can involve specific legal and regulatory requirements that vary based on your location and industry. It is advisable to consult with professionals, such as lawyers, accountants, or business advisors, to ensure compliance and maximise your chances of success.

“The cost of registering a company ranges from $474 – $576, depending on the type of company you register. See the current list of company fees on the ASIC website. You can pay with Visa and MasterCard credit cards when you register through the Business Registration Service.”

See more at https://business.gov.au/registrations/register-a-company

An example of a business strategy when working with an accountant could be a cost optimisation strategy. In this scenario, the company aims to minimise expenses and maximise financial efficiency through collaboration with its accountant. Here’s how this strategy could be implemented:

  1. Expense Analysis: The accountant conducts a thorough analysis of the company’s financial records to identify areas of excessive spending or inefficiencies. This includes reviewing expenses related to operations, overhead costs, supplies, and services.
  2. Budgeting and Planning: Based on the expense analysis, the accountant helps the company create a realistic budget and financial plan. This involves setting targets for various expense categories and establishing cost-control measures.
  3. Cost Reduction Strategies: The accountant proposes and implements cost reduction strategies tailored to the company’s specific needs. This could include negotiating better terms with suppliers, exploring alternative vendors, optimising inventory management, or identifying opportunities for outsourcing non-core activities.
  4. Financial Reporting and Analysis: The accountant provides regular financial reports and analysis to track expenses and measure progress against the budget. This helps identify any deviations or potential cost-saving opportunities that require attention.
  5. Tax Planning and Compliance: The accountant assists with tax planning and ensures compliance with applicable tax laws and regulations. They identify potential deductions, exemptions, or incentives that can help minimise the company’s tax liability.
  6. Financial Efficiency Measures: The accountant suggests and implements measures to improve financial efficiency. This may involve streamlining accounting processes, implementing cost-effective software solutions, or introducing automation to reduce manual effort and errors.
  7. Financial Forecasting: The accountant assists in creating financial forecasts to predict future expenses and revenue. This enables the company to proactively plan for contingencies, optimise resource allocation, and make informed business decisions.
  8. Ongoing Financial Guidance: The accountant serves as a trusted advisor, providing ongoing financial guidance and advice. They offer insights into financial performance, cash flow management, and opportunities for further cost optimisation.

By working closely with an accountant and implementing a cost optimisation strategy, the company can effectively manage its expenses, improve financial efficiency, and enhance its overall profitability. It’s important to note that specific strategies may vary depending on the company’s industry, size, and financial circumstances, and it’s essential to align the strategy with the organisation’s broader goals and objectives.