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How To Do Your Cryptospend Taxes

Last updated: Friday, 1 July 2022

Cryptospend was invented to bridge the gap between the blockchain and traditional finance - but did you know you’ll need to pay tax when you spend crypto under the current ATO rules? If you had no idea and you’re panicking - don’t. Here’s how you can do your Cryptospend taxes in no time at all.

How to prepare a Cryptospend tax report

The ATO is clear that if you’re spending crypto - you’ll need to pay tax on it if you’ve made a gain. The ATO views this as a disposal of crypto - just like selling your crypto for fiat currency, so if you’ve made a gain you’ll need to pay tax on it.

This means you’ll need to take the cost basis for your crypto (what you paid for it originally plus any allowable transaction fees) and subtract it from the fair market value on the day you spent it. If the price has increased, you’ll pay Capital Gains Tax on that gain - unless it falls under the personal use asset rule.

Sounds daunting? Don’t worry - we’ve got everything you need to know about how to get your Cryptospend tax report. It all starts with getting your transaction history. 

Cryptospend tax documents

How to download Cryptospend transaction history

You can download your Cryptospend transaction history as a CSV file. You can then either use this to calculate your taxes yourself, or upload it to a crypto tax calculator to do it for you. 

Does Cryptospend provide a tax report?

No, Cryptospend doesn’t provide a tax report for users, but you can get one using crypto tax software like Koinly.

Does Cryptospend supply a financial statement?

No, Cryptospend doesn’t provide a financial statement for users. You’ll need to use your Cryptospend CSV file instead.

How to generate a Cryptospend tax report

Do it yourself or use a crypto tax calculator. 

If you’re tackling it yourself - you’ll need to start by identifying the cost basis of each asset in Cryptospend. You’ll then need to identify each taxable transaction in Cryptospend - so whenever you’ve spent crypto and identify the fair market value of your crypto in AUD on the day you spent it. Subtract your cost basis from the fair market value for each transaction and calculate your capital gains and losses. You report these to the ATO - as your net capital gain, minus any losses or applicable long-term capital gains discounts (50% for assets you’ve held more than a year) in your annual lodgment.

You’ll need to do this for all the other exchanges and wallets you use for each taxable transaction where you’ve made a capital gain or loss, or anytime you’ve earned additional income in crypto.

It’s lots of work - but fortunately, there’s an alternative. Use a crypto tax tool to do it for you. Just get your Cryptospend CSV file, upload and your crypto tax app will calculate your taxes and generate your ATO myTax report.

Cryptospend CSV export

To get your Cryptospend CSV file, log in to the Cryptospend app and select the three line menu icon in the top left, then account. Under transactions, select get transactions. Your Cryptospend CSV file will be sent to your email address. Once you have it, upload it to your crypto tax calculator. 

Cryptospend tax API

Cryptospend doesn’t have a tax API just yet - but we’ll update this as soon as they do.

Does Cryptospend provide an end of year statement?

No, Cryptospend doesn’t issue users with an end of year statement - but you can use a crypto tax calculator to get an end of year holdings report for tax purposes.

Does Cryptospend require KYC?

Yes, Cryptospend has KYC verification for users. In order to operate in Australia, crypto service providers need to register with AUSTRAC. Part of the AUSTRAC operating requirements are to collect KYC data on customers.

Does Cryptospend report to the ATO?

Yes, Cryptospend may report to the ATO. As an AUSTRAC registered provider, Cryptospend agrees to share customer data with the relevant authorities, including the ATO.

Cryptospend tax calculator

Koinly is a Cryptospend tax calculator & reporting tool

If you’ve been wondering if Koinly is a Cryptospend tax calculator, the answer is - yes!

Not only can Koinly calculate your Cryptospend taxes, but Koinly also connects to more than 600 other exchanges, wallets and blockchains - so you can get all your crypto taxes done whichever platforms you’re using.

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 imports all your Cryptospend transaction data via CSV file upload.
  • Koinly identifies your taxable transactions on Cryptospend, including identifying non-taxable transfers from disposals.
  • Koinly identifies your cost basis for each crypto asset, calculates your short and long-term capital gains and losses and the fair market value of any crypto income (like airdrops!) in AUD on the day you received it. 
  • Finally, Koinly generates your crypto tax report, ready to download whenever you’re ready to file with the ATO.

Get your crypto tax report today!

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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