The ATO has made it clear you need to report your crypto transactions as part of your annual tax return by the 31st of October. Fortunately, Digital Surge pairs with crypto tax software to make that easy. Our Digital Surge tax guide has everything you need to know about calculating your Digital Surge taxes and how to get your Digital Surge tax report to file with the ATO.
How to prepare a Digital Surge tax report
Calculating crypto taxes? We all know how much of a headache it can be - it’s why we exist!
The ATO has made it clear that they want to know about your net capital gain or loss from crypto, as well as any crypto income - across all of the exchanges, wallets and blockchains you use. You’ll also need to factor in your short-term and long-term capital gains and losses into your calculations to ensure you don’t pay too much.
It sounds like a lot of work (and it can be!), but to get started you need to get your Digital Surge transaction history.
How to download and export Digital Surge transaction history
There’s two simple ways to get your Digital Surge transaction history - through API or by exporting a CSV file.
- Digital Surge API: Use the Digital Surge API to connect to crypto tax software. The API will return your transaction history automatically and calculate your taxes in minutes. See step by step instructions on how to connect Digital Surge and Koinly.
- Export a CSV file of your Digital Surge transaction history: Alternatively, export a CSV file directly from the exchange and use it to calculate your crypto taxes yourself, or upload to a crypto tax calculator.
Does Digital Surge provide a tax report?
No, Digital Surge doesn’t provide a tax report that you can file with the ATO straight away. Instead, you’ll need to download your Digital Surge transaction history as a CSV file and calculate your taxes to file instead (or use a crypto tax calculator).
Does Digital Surge supply a financial statement?
No. Digital Surge doesn’t issue a financial statement to users. You’ll need to download your Digital Surge transaction history as a CSV file and use this as your financial statement instead. When exporting a CSV from Digital Surge, you can pick the date range you’d like to cover - for example, the most recent financial year (1 July - 30th June).
How to generate a Digital Surge tax report
Do it yourself or use crypto tax software. Here’s how.
Tackling crypto taxes solo? Brave move. You’ll need to start by downloading your Digital Surge transaction history first. Once you’ve got that - you need to identify each taxable transaction you’ve made on the exchange. This includes any time you sold, traded, spent or gifted crypto. Identify the cost basis (how much it cost you to acquire the crypto plus any fees) of each asset and the subsequent capital gain or loss from the taxable transaction. You’ll also need to separate out your short-term gains (crypto held less than 1 year) from your long-term gains (crypto held more than one year) to make sure you don’t pay too much tax. You’ll then tally these up by adding up your capital gains and your capital losses, subtracting your capital losses from your net capital gain, and factor in the 50% discount from any long term capital gains. That’s not all either - you’ll also need to identify any crypto income - like from airdrops or staking rewards - then identify the fair market value of tokens in AUD on the day you received them. Add all this up and you’ll report this to the ATO.
If you’re thinking, this sounds like a lot of work - you’d be right. On average, it takes a taxpayer just shy of 4 ½ hours to complete their tax return… without factoring in crypto taxes. Which is why most investors go for option two… use a crypto tax calculator.
All you need to do with crypto tax software is connect the exchanges, wallets and blockchains you use via API or by uploading a CSV file of your transaction history. Your crypto tax calculator will then do all of the above for you - it’ll identify your taxable transactions (and the type of tax), identify your cost basis, calculate your short and long-term capital gains and losses, and even identify the fair market value of any crypto income in AUD on the day you received it. All this information is then packaged up in one, simple tax report, ready to file with the ATO.
Here’s how to get your CSV file or connect via API.
Digital Surge CSV export
Need a CSV file? Easy. In Digital Surge, find the three line icon in the top right corner and then pick transaction history from the drop down menu. On the next page, select export history, then transaction history. You'll need to pick a date range and the CSV file format, then hit export history.
It's important to note, if you're uploading your Digital Surge CSV file to a crypto tax calculator, you'll need your complete transaction history for however long you've been trading on Digital Surge. This is so your tax app can identify your cost basis and calculate your short and long-term gains accurately. So just make sure the date range covers the entire time frame you've used Digital Surge.
Digital Surge API
Rather skip the spreadsheets? No worries - use API instead. In Digital Surge, select the three line icon in the top right corner, then API Key, then create a new API key. You only need a read-only API key for crypto tax software, but you'll need to complete two-factor verification to get it. Once you've got your new API key, just copy and paste it into your chosen crypto tax calculator.
Does Digital Surge provide an end of year statement?
No, Digital Surge doesn’t issue users with an EOFY statement, but you can export a CSV file of your transaction history and set the date range to the last financial year. In Australia, the financial year runs from the 1st of July to the 30th of June.
Does Digital Surge require KYC?
Yes. Digital Surge is an AUSTRAC and ASIC registered exchange and therefore must have KYC verification in place for users. To trade on the exchange, you'll need phone and identity verification.
Does Digital Surge report to the ATO?
Yes, Digital Surge may report to the ATO. Digital Surge is an AUSTRAC registered exchange and may be compelled to share KYC data with the ATO and other authorities to ensure tax compliance.
If you’ve been wondering if Koinly is a Digital Surge tax calculator tool, the answer is - yes!
Not only can Koinly import Digital Surge transaction history, but Koinly can also calculate your Digital Surge taxes and generate an ATO compliant tax report.
As a Digital Surge 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 Digital Surge transaction data via API or through your CSV file upload.
- Koinly will then identify your taxable transactions on Digital Surge, as well as the type of tax that applies according to the ATO crypto tax rules.
- Koinly will identify your cost basis, calculate your short and long-term capital gains and losses and the fair market value of any crypto income in AUD on the day you received it.
- Finally, Koinly generates your Digital Surge tax report, ready to download and use to file your tax return with the ATO.
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.