Does Coinbase Report to the ATO?
Using Coinbase in Australia? The ATO may have deeper insight into your crypto activity than you think. Discover what Coinbase shares with the ATO in our guide.
The ATO has a data-sharing arrangement with cryptocurrency platforms operating in Australia, including Coinbase.
Coinbase is registered with AUSTRAC, which requires it to collect and report Know Your Customer (KYC) information to comply with Australian regulations.
Information shared with the ATO can include your name, address, phone number, wallet details, transaction dates, amounts, and more.
Is Coinbase legal in Australia?
Yes, Coinbase is legally operating in Australia.
Coinbase Australia Pty Ltd is registered with AUSTRAC (the Australian Transaction Reports and Analysis Centre) as a Digital Currency Exchange provider. Its registration number is DCE100784914-001, granted in May 2022. This allows Coinbase to offer crypto exchange services in line with Australia's anti-money laundering and counter-terrorism laws.
At the moment, Coinbase doesn’t need a licence from the Australian Securities and Investments Commission (ASIC) to operate, as it's not required for crypto exchanges under current laws. However, this may change soon as ASIC is planning to introduce licensing rules for crypto platforms, with new requirements expected by mid-2025.
Read next: Best Crypto Exchanges Australia
Does Coinbase report to the ATO?
Yes, Coinbase may share information with the ATO. As a registered Digital Currency Exchange (DCE) with AUSTRAC, Coinbase is required to verify user identities (KYC) to help prevent fraud and illegal activity.
Since 2019, the ATO has run a data-sharing program with Australian crypto exchanges. Under this program, platforms like Coinbase must submit user transaction data.
In some cases, this information may even appear pre-filled in your tax return, highlighting crypto disposals and prompting you to review any potential taxable events.
What does Coinbase report to the ATO?
The ATO works with selected data providers to determine what information is shared, so the exact data Coinbase may provide isn't publicly disclosed. However, the ATO has outlined that personal information collected through these programs may include:
Full name(s) and D.O.B
Residential and mailing address(es)
Australian Business Number (if applicable)
Email address(es)
Phone number(s)
Social media account details
Identity verification document information
IP address used during registration
User ID
In addition, the ATO may collect data related to your activity on Coinbase, such as:
Linked bank account details
Associated crypto wallet address(es)
Transaction IDs, dates, times, assets, and values
Account balances in both fiat and cryptocurrency
Transfer activity and transaction descriptions
IP address(es) associated with transactions
Read next: Can the ATO track crypto?
What does the ATO do with the information Coinbase provides?
The ATO uses data provided by platforms like Coinbase to ensure Australian investors are accurately reporting their crypto activity. This information may be used to:
Identify and notify investors about their tax responsibilities
Prompt individuals during the online tax return process about potential reporting obligations
Cross-check information in tax returns against data received from exchanges like Coinbase
How do I report my Coinbase taxes to the ATO?
You need to report any gains, losses, or income from Coinbase to the ATO by October 31st each year as part of your annual tax lodgement. Capital gains and losses are reported in the Tax Return for Individuals (Supplementary Section – NAT 2679), while income is reported in the Tax Return for Individuals (NAT 2541). You can also complete your return online using the ATO’s myTax portal.
Coinbase does not provide Australian investors with ATO tax documents. The simplest way to report your Coinbase transactions is by using a crypto tax calculator like Koinly.
Read next: Australian Crypto Tax Guide
Report your Coinbase taxes with Koinly
Koinly makes reporting your Coinbase transactions to the ATO easy. Simply import your transaction data automatically using SSO or upload a CSV file.
Once your data is imported, Koinly calculates your capital gains, losses, income, and more, then generates your myTax report (and other reports) to help you lodge with the ATO. Learn more about how to generate your Coinbase tax documents with Koinly.
FAQs
Do I have to pay tax on my Coinbase transactions?
Yes. Any gains or income from your Coinbase transactions are taxable. Learn more in our crypto tax Australia guide.
Do I need to file a Capital Gains Tax Schedule for Coinbase?
You only need to file a Capital Gains Tax Schedule if you've earned more than $10,000 in capital gains during the financial year from Coinbase (and any other platforms combined).
Is Coinbase registered with AUSTRAC?
Yes. Coinbase Australia Pty Ltd is registered with AUSTRAC as a Digital Currency Exchange provider, allowing it to legally offer digital currency exchange services in Australia. The registration number is DCE100784914-001.
How do I avoid Coinbase taxes in Australia?
There’s no legal way to avoid paying tax on crypto in Australia. However, there are legitimate strategies to help reduce your tax liability, such as tax loss harvesting. Crypto tax tools like Koinly offer features, including a tax optimization tool and asset maturity dashboard, to help investors lower their tax burden. Learn more in our guide on avoiding crypto tax in Australia.
