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CoinSpot Tax Guide

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CoinSpot Tax Statements & Reports

Last updated: Thursday, 26 May 2022

Need help getting a CoinSpot tax statement for Australia's tax deadline? Our CoinSpot tax guide has everything you need to know about CoinSpot and ATO, how to get your CoinSpot tax statement, where to find your CoinSpot trading history and how to calculate your CoinSpot Capital Gains Tax.

How to prepare a CoinSpot tax statement

Need help calculating and reporting CoinSpot taxes to the ATO? The ATO want to know about all your taxable CoinSpot transactions - including your short and long-term capital gains and losses and any additional income from crypto. To get started with your CoinSpot taxes, you'll need your CoinSpot transaction history.

CoinSpot tax documents

How to download & export CoinSpot trading & transaction history

You can download and export your CoinSpot trading and transaction history within your CoinSpot account. There's two ways to do this - and one is much simpler than the other!

  1. Use the CoinSpot tax report API with crypto tax software. If you use the CoinSpot tax reporting API with a crypto tax app - all your CoinSpot transaction history will be automatically imported to your chosen app. You can see the full instructions on how to integrate CoinSpot and Koinly here.
  2. Export CoinSpot transaction history in a CSV file. You can download a CSV file of your CoinSpot transaction history when you're logged into your CoinSpot account. Then you can either upload this to a crypto tax app or do your crypto taxes manually.

Here's how to get your CoinSpot trade history export.

Log in to your CoinSpot account and select my account in the top right corner, then order history from the drop down menu. CoinSpot splits transaction history into sent/received and buys/sells - so you'll need to download both the send/receives CSV file and the buys/sells CSV file to calculate your CoinSpot Capital Gains Tax correctly.

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Does CoinSpot provide a tax report?

No, CoinSpot doesn't provide a tax report for the ATO.

However, you can use your CoinSpot trading history to calculate your crypto taxes using a crypto tax app - like Koinly!

You can get this in minutes using the CoinSpot tax report API. This API fetches your CoinSpot transaction data and automatically imports it to your chosen crypto tax app - which will calculate your capital gains, losses, income and expenses for you. You don't need to worry about another app having access to your CoinSpot account - your CoinSpot tax report API is read-only.

If you'd rather not use an API at all - you can download CSV files of your CoinSpot transaction history. Then you can either calculate your crypto taxes yourself, or upload these CSV files into your chosen crypto tax app instead.

Does CoinSpot supply a financial statement?

No, but you can use your CoinSpot trading history as a financial statement.

Your CoinSpot transaction history can work as a financial statement which you can use to generate a tax report for the ATO.

Just follow the steps above to download your CoinSpot transaction history. If you're uploading your CSV file to a crypto tax app - remember you'll need your complete CoinSpot transaction history, so make sure your CSV files cover the entire time period you've been using CoinSpot. This is so your crypto tax app can calculate your short and long-term capital gains and losses accurately to ensure you pay the right amount in tax.

Once you have your CoinSpot transaction statement, calculate your crypto taxes manually or upload your CoinSpot financial statement to a crypto tax app to fetch a CoinSpot tax statement in minutes.

How to generate a CoinSpot tax statement

You can generate a CoinSpot tax statement manually or with a crypto tax app.

If you're calculating your crypto taxes yourself - the ATO want to know about every taxable transaction you've made on CoinSpot. This includes any capital gains or losses as a result of selling, trading, spending or gifting crypto. The ATO also want to know about any income you've made from crypto investments, for example, through airdrops or staking.

If you're an active crypto investors with hundreds, or even thousands, of trades throughout the financial year - this is a lot of work. You'll need to create a spreadsheet of your crypto transactions - identify your CoinSpot capital gains and losses and calculate the resulting net capital gains and losses, as well as the fair market value of any income on the day you received it in AUD.

Fortunately, you can use a crypto tax app to do all this for you. Just use the CoinSpot tax report API or upload your CoinSpot transaction history CSV files. Your crypto tax app can then generate pre-filled tax reports based on your location, for Australian investors, this would be the ATO myTax report.

CoinSpot CSV exports

Need to get your CoinSpot CSV export in time for the 31st October tax deadline? No worries.

Log in to your CoinSpot account and select my account in the top right corner, then order history from the drop down menu. CoinSpot splits transaction history into sent/received and buys/sells - so you'll need to download both the send/receives CSV file and the buys/sells CSV file. If you're using a crypto tax app - make sure to upload both of these to your chosen crypto tax app for an accurate tax report.

CoinSpot tax API

If you want to save time, the easier option is just to use the CoinSpot tax API.

Log in to CoinSpot and select my account in the top right corner, then select API from the drop down menu. Now select generate new API key and give your API key a name. Under API key type, select read-only - your crypto tax app doesn't need full access.

You'll need to complete two-factor verification to get your new API key - so follow your verification steps to get your API. Once you've got it, copy and paste your API key and API secret into your chosen crypto tax app. Done!

Does CoinSpot provide an end of year statement?

No, CoinSpot does not provide an EOFY statement.

But you can use your CoinSpot transaction history as an end of year statement, just only include transactions from the last financial year (1st of July to 30th June).

Does CoinSpot report to the ATO?

It's likely CoinSpot report to the ATO. As part of a crackdown on crypto, ATO announced they'd be collecting records from all Designated Service Providers (DSP) of cryptocurrency based in Australia, though they didn't name which exchanges. As one of the most popular crypto exchanges, CoinSpot is almost definitely considered a DSP by the ATO and has likely faced pressure to share KYC data to ensure tax compliance.

CoinSpot integrates with Koinly

Koinly is a CoinSpot tax calculator & reporting tool

If you’ve been wondering is Koinly a CoinSpot tax calculator tool, the answer is, yes! Not only can Koinly import CoinSpot transaction history, but Koinly can also calculate your CoinSpot taxes in a format that makes sense for your country’s tax office. As a CoinSpot tax calculator, Koinly is able to do a bunch of impressive tasks that save you time and can even save you from paying too much in tax:

  • Koinly will import all your CoinSpot trades including purchases, sales, swaps, income and more!
  • Koinly will then convert your CoinSpot transactions into your country’s currency, at fair market value. This in itself is a massive time saver.
  • Finally, Koinly works out which of your CoinSpot trades are taxable, and which are not - calculating your CoinSpot gains/losses, crypto income and more. All of this is really important for being able to submit an accurate CoinSpot tax return to your tax office.

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The information on this website is for general information only. It should not be taken as constituting professional advice from Koinly. Koinly is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances. Koinly is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.

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