Australian Crypto Exchanges Partner With Koinly To Simplify Tax Reporting

By AIT News Desk On Jul 29, 2020

Following the clampdown on cryptocurrency investors by the Australian Tax Office, leading Australian crypto exchanges Coinjar, Cointree and Swyftx have chosen to partner with Koinly to simplify tax reporting for their users

Koinly is a fast growing cryptocurrency tax solution that promises to help Australian bitcoin investors prepare their crypto tax reports in a fast and efficient manner. By linking exchange accounts and public wallet addresses with Koinly, investors can get a detailed capital gains report within a matter of minutes.

“If you trade or invest with any regularity, compiling transaction records into a single ATO-friendly document can still present challenges, especially if you’re operating across a number of wallets and cryptocurrencies. That’s why for this tax season, we have officially partnered with Koinly to implement direct connectivity to your CoinJar account. This means if you choose to link both accounts, your trading data from your CoinJar will be seamlessly processed.” said Ashter Tan, CEO at Coinjar.

“With the ATO contacting up to 350,000 individuals earlier this year to ensure cryptocurrency trades are reported, it’s great to see Koinly support the Australian market. Combined with Cointree’s monthly holding statements, our members have saved a lot of time calculating their tax.” said Jessica Renden, Head of Operations, Cointree.

“Swyftx are delighted to partner with a Koinly a proven industry leading tax software provider. We love the ease in which our customers can integrate their trading history directly into Koinly via CSV or API key for instant profit and loss calculations and instant access to full detail tax reports to present to their accountants at tax time.” said Tommy Honan of Swyftx.

“Even though there is a lot of guidance around cryptocurrency taxes, it is simply too difficult to calculate taxes by hand especially if you traded on multiple exchanges. With our new partnerships we will be able to help Australian investors reconcile all their transactions in one place and generate tax reports seamlessly” said Robin Singh, founder of Koinly.

ATO began sending out warning letters to some 350,000 cryptocurrency investors in June, the letters make it clear that the ATO knows about the recipients cryptocurrency activities and wants them to amend or declare their taxes accordingly. Other countries such as the US, UK and Denmark have also sent out similar letters in the past.

As cryptocurrency becomes more and more mainstream, it comes as no surprise that tax agencies all over the world are trying to ensure taxpayers are aware of the tax liabilities that arise from cryptocurrency trading.