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Australian Crypto Exchanges Partner With Koinly to Simplify Tax Reporting for Users

Three of Australia’s digital asset exchanges have teamed up with crypto tax software provider Koinly following the Australian Tax Office’s (ATO) crackdown on local investors.

  • Announced Wednesday, Cointree, CoinJar and Swyftx have begun offering their users the ability to link their accounts and public wallet addresses to Koinly’s service, providing investors with a capital gains tax report.
  • Citing the complexity of preparing crypto transactions reports for the ATO, CoinJar’s CEO Ashter Tan said users’ trading data would be processed into an “ATO-friendly” report in minutes.
  • Users of the exchanges can easily integrate their trading history, providing an instant profit and loss calculation that can be given to an accountant at tax time, Swyftx business development manager Tommy Honan said.
  • Koinly’s product further allows users to save time and money costs compared to manually preparing reports, according to the announcement.
  • The ATO began issuing warnings to Australian residents in March of this year, reminding up to 350,000 individuals of their tax obligations when trading in digital assets.

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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