If you’re using Independent Reserve to invest in crypto - the ATO wants to know about it. You’ll need to calculate your capital gains and income from crypto and declare it in your annual lodgment by the 31st of October. Here’s how to do your Independent Reserve taxes.
How to prepare an Independent Reserve tax report
The ATO has made it clear to Australian crypto investors that if you’re investing in cryptocurrencies, you’ll need to pay tax on it. You’ll pay Capital Gains Tax anytime you sell, swap, spend or gift crypto, while you’ll pay Income Tax anytime you earn additional income through crypto. So if you’ve sold or traded crypto on Independent Reserve, you’ll need to calculate any capital gain or loss and report it to the ATO.
Most exchanges - including Independent Reserve - don’t provide tax documents ready to file with the ATO. So to get started, you’ll need your Independent Reserve transaction history.
How to download your Independent Reserve transaction history
There’s a couple of ways you can get your Independent Reserve transaction history to do your taxes:
- Connect to Independent Reserve via API using a crypto tax calculator to automatically fetch your transaction history and calculate your taxes.
- Export a CSV file of your Independent Reserve transaction history. You can then either upload this to a crypto tax calculator or use it to calculate your taxes yourself.
Does Independent Reserve provide a tax report?
No, Independent Reserve doesn’t provide a tax report for the ATO or any other tax office. However, you can generate one using a crypto tax calculator.
Does Independent Reserve supply a financial statement?
No, Independent Reserve doesn’t provide a financial statement for users, so you’ll need to use your transaction history to calculate your taxes.
How to generate an Independent Reserve tax report
You’ve got two ways to get an Independent Reserve tax report - create your own or use a crypto tax calculator.
If you’re tackling your crypto taxes yourself - you’ll need to start by getting your Independent Reserve transaction history as a CSV file. Once you have it, identify each of your taxable transactions - so any time you sold, swapped or earned additional income in crypto. You’ll need to calculate your capital gain or loss by subtracting your cost basis (how much it cost you to buy your asset plus any fees) from your sale price or the fair market value on the day you traded it. You’ll also need to identify the fair market value in AUD of any crypto income on the day you received it. To calculate your taxes owed, take your total capital gain and subtract any capital losses (plus any applicable long-term capital gains discount) and you’ll report this to the ATO, as well as the total figure for any additional income from crypto.
You’ll need to do this not only for Independent Reserve, but every crypto exchange or wallet you use - so it can be a time consuming tax for many. Fortunately, you can do it in no time at all with a crypto tax tool. Just connect via API or upload a CSV file - here’s how.
Independent Reserve tax API
The easiest way to do your Independent Reserve taxes is to connect to crypto tax software via API. Just log in to Independent Reserve and head to settings, then API. Create a read-only API key and copy your API key and secret, then paste this into your crypto tax calculator when adding a new wallet. Done!
Independent Reserve CSV export
To get your CSV file, log in and go to trade in the top navigation menu, then select the download icon next to order history. You can then upload this to a crypto tax tool or use it to calculate your taxes yourself.
Does Independent Reserve provide an end of year statement?
No, Independent Reserve doesn’t provide an end of year statement for users - you’ll need to use a CSV file or crypto tax tool instead.
Does Independent Reserve require KYC?
Yes, Independent Reserve requires KYC verification for users. This is because it’s an AUSTRAC registered digital currency exchange and in order to comply with AUSTRAC requirements, exchanges must have KYC verification in place.
Does Independent Reserve report to the ATO?
Yes, Independent Reserve may share customer data with the ATO on request. As an AUSTRAC registered company, Independent Reserve agrees to share KYC data with the relevant authorities including the ATO.
If you’ve been wondering if Koinly is an Independent Reserve tax calculator, the answer is - yes!
Not only can Koinly calculate your Independent Reserve 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 Independent Reserve transaction data via API or CSV file upload.
- Koinly identifies your taxable transactions on Independent Reserve, 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.
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.