The most popular crypto exchange in Australia, more than a million Australian crypto investors are using CoinSpot to buy, sell and swap crypto. You can easily integrate CoinSpot with Koinly to calculate and generate Australian tax reports.
The ATO has extensive guidance on how crypto is taxed, which you can learn about in depth in our Australia crypto tax guide. But in brief, your CoinSpot transactions may be subject to Capital Gains Tax or Income Tax, depending on the specific transaction:
It's likely CoinSpot reports 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.
You need to report any capital gains, losses or income from crypto to the ATO as part of your annual tax return - either by using the myTax portal, or paper forms NAT 2541 & NAT 2670.
Tackling it yourself? You’ll need to identify your cost basis for each asset, identify your taxable transactions and the kind of tax that applies, calculate your gains and losses using an ATO approved cost basis method and separate short and long-term gains. Not only do you need to do this for your CoinSpot transactions, but for every crypto exchange & wallet you use.
This is why most investors opt to use crypto tax software like Koinly. Koinly does all this for you and generates your myTax report, ready to file with the ATO. Here’s how it works.
1. It's important to know that sign ups and other bonuses aren't synced to Koinly via API from CoinSpot. An example of one of these common migration issues is NPXS to PUNDIX. CoinSpot won't sync the airdrop of the new PUNDIX or the withdrawal of NPXS, so users would need to add this swap manually.
2. Another common example is sign up bonuses paid in BTC. Don't worry, this just means you'll need to add these transactions manually through a CSV file import instead. You can learn how to do this below.
You'll need to start by downloading a CSV file with your full trading history from CoinSpot before you can upload it to Koinly - here's how.
Now you've got your CSV file, here's how to upload it to Koinly.
1. Don’t forget to tag your transactions according to the ATO’s crypto tax rules.
2. CoinSpot separates transactions into sent/received and buys/sells. You'll need to upload both of these CSV files for Koinly to generate an accurate tax report.
Problems connecting CoinSpot and Koinly? No worries - there's help at hand:
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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!
CoinSpot offers 2 easy ways to export your transaction history to connect with crypto tax software - like Koinly - and generate tax forms. Either connect via API or upload a CSV file of your CoinSpot transaction history.
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.
Yes - the ATO is clear crypto is taxed, including any capital gains or income from your CoinSpot transactions. Thinking of avoiding your taxes? Think again - the penalties are steep!
Yes. CoinSpot is regarded as a safe and well regulated Australian crypto exchange. The platform is ISO 27001 Certified and offers a variety of advanced security features.
Yes, you'll need to complete KYC verification before you can buy, sell or trade crypto on CoinSpot. CoinSpot is AUSTRAC registered and must have KYC processes in order to operate in Australia.