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How to file your Swyftx taxes with Koinly

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Last updated: Tuesday, 31 January 2023

How to do your Swyftx taxes with Koinly 

Australian-based Swyftx is popular worldwide - but with UK and Australian investors in particular. The exchange offers a mobile and desktop experience and more than 280 trading pairs to pick from. Since the exchange launched in 2017, they've had no security breaches thanks to advanced security features like biometric logins.

  1. Sign up to Koinly and choose your country (Australia) and currency (AUD)
  2. Connect Swyftx with Koinly to import all your Swyftx trades safely and securely
  3. Koinly categorizes Swyftx transactions into gains, losses and income
  4. Koinly calculates your Swyftx Capital Gains Tax and Swyftx Income Tax
  5. Download your Swyftx tax report from Koinly
  6. File your Swyftx taxes online with the ATO or with your crypto tax accountant

Watch how to do your Swyftx taxes fast 

How are Swyftx transactions taxed?

The tax you’ll pay on your Swyftx transactions all depends on how long you’ve held your asset, how much you earn and the specific transactions you’ve made. You can learn all about it in our  Australia crypto tax guide, but in brief you’ll pay Capital Gains Tax or Income Tax, depending on your specific transactions: 

  • Capital Gains Tax: If you sold or swapped crypto on Swyftx, you’ll pay Capital Gains Tax on any gain. For short-term gains on assets held less than a year, you’ll pay between 0% to 45% in tax depending on how much you earn. For long-term gains on assets held more than a  year, you’ll receive a 50% discount. 
  • Income Tax: Meanwhile, if you earned new tokens on Swyftx - for example, staking rewards - the ATO generally views this as additional income and you may need to pay Income Tax upon receipt.

If you’re outside Australia - check out our other crypto tax guides to learn more!

Does Swyftx report to the ATO?

Yes. Swyftx is an AUSTRAC registered exchange and may share KYC data with the relevant authorities, including the ATO, to ensure tax compliance.

How do I file my Swyftx taxes?

You file your crypto taxes as part of your annual tax return with the ATO. You’ll report any gains, losses or income either via the myTax portal or using paper forms NAT 2541 & NAT 2670.

If you’re doing this yourself -start by identifying the cost basis of each crypto asset, your taxable transactions and the kind of tax that applies. Then calculate your gains and losses (using an allowable cost basis method), and don’t forget to separate short and long-term gains to make sure you don’t pay too much tax!

Not only do you need to do this for your Swyftx transactions, but for every crypto exchange or wallet you used to trade throughout the financial year. It’s a lot of work for active investors.

But Koinly makes this easy. Just connect Swyftx and Koinly automatically via API or by uploading a CSV file. Koinly then calculates your Swyftx taxes and generates your myTax report, ready to file with the ATO. Here’s how to connect.

How to connect Koinly and Swyftx via API

Want to swerve the spreadsheets altogether? No worries, use the Swyftx tax API to connect with crypto tax software in minutes and automatically get your Swyftx transaction history. To get your API key, on Swyftx, go to profile in the left hand menu and then select API keys, then create new key. You'll need to name your API key and select read-only as the scope. Once you've generated your API key, just copy your API key and paste it into Koinly.

On Swyftx

  1. Log in to your Swyftx account and select profile from the left hand menu
  2. From the drop down menu, select API keys
  3. Select create new key
  4. Name your API key, for example 'Koinly' and select next
  5. Under scope, select read only then select next
  6. Confirm the new API key by entering your password
  7. Select submit
  8. Copy the API key

On Koinly

  1. Sign up or log in to Koinly and go to wallets
  2. Select add new wallet: Swyftx
  3. Select set up auto-sync
  4. Paste your API key
  5. Select secure import

Important

Some users have reported that sometimes the Swyftx API data does not include transaction fees. Not to worry, you can use the CSV file import method below instead to get around this.

How to integrate Swyftx with Koinly using CSV

To get your Swyftx CSV file, go to your profile, then transaction history, then pick a date range and hit download csv. You're done!

You can then use this to calculate your Swyftx taxes yourself, or upload it to a crypto tax calculator. Please note, if you're uploading your CSV file to a tax calculator - you'll need your complete Swyftx transaction history, for however long you've been using the account. This is so your crypto tax calculator can accurately identify your cost basis, as well as your short-term and long-term capital gains.

How to download and export your transaction history CSV file from Swyftx 

  1. Log in to your Swyftx account and select the profile icon from the left hand menu
  2. From the drop down menu, select profile
  3. Select transaction reports from the left menu
  4. Under download a transaction report, select custom
  5. Enter a date range that covers your entire trading history on Swyftx - however many years that might be
  6. Select download CSV

How to upload your Swyftx CSV to Koinly

Now you've got your CSV file, here's how to upload it to Koinly.

  1. Sign up or log in to Koinly and go to wallets
  2. Select add new wallet: Swyftx
  3. Select import from file
  4. Upload your CSV files

Important

1. Don’t forget to tag your transactions according to the ATO’s crypto tax rules.

2. Even if you're only reporting for the current financial year, it's really important you include all your Swyftx transaction history - for however long you've been trading on it. This lets Koinly calculate your short-term and long-term gains accurately and apply the right tax.

How do I troubleshoot my Swyftx integration to Koinly?

Problems connecting Swyftx and Koinly? No worries - there's help at hand:

Calculate your Swyftx taxes

Sign up free today to calculate your Swyftx taxes

Does Swyftx have tax documents?

Swyftx does have a tax report of sorts - which is a CSV file of your Swyftx transaction history. You can then upload this to your crypto tax software or calculate your crypto taxes yourself. You can also download a PDF file of your transaction history as a Swyftx tax report.

How do I get Swyftx tax documents?

Swyftx 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 Swyftx transaction history. 

Does Swyftx provide financial or end of year statements?

No, but you can download your Swyftx CSV file and use this as your financial statement. You can pick the year (or the specific date range) you'd like for your financial statement and then download this as a CSV file or PDF file.

Do I have to pay taxes on Swyftx?

Yes. If you have gains or income from your Swyftx transactions - you’ll need to pay tax. If you’re thinking of avoiding your taxes? Don’t - the penalties are steep!

Is Swyftx safe?

Yes, Swyftx is regarded as a safe and well-regulated crypto exchange that follows best security practices.

Does Swyftx have KYC?

Yes, Swyftx requires KYC. Swyftx is an AUSTRAC registered exchange and therefore they're legally compelled to require KYC. Like many other exchanges, Swyftx has different levels of KYC verification.