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Australian Crypto Exchanges Partner With Koinly to Simplify Tax Reporting for Users
With tax reports for crypto transactions being complex and time-consuming to prepare, Koinly said its service automates the process in just minutes.
Updated Sep 14, 2021, 9:37 a.m. Published Jul 29, 2020, 7:28 a.m.
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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.
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- 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.
See also: Australian Payment Card Company to Trial Micropayments Using Hedera Hashgraph
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