How to do your CoinSpot taxes in 2024

What is CoinSpot?

CoinSpot is one of the most popular crypto exchanges in Australia, with more than two million Australian crypto investors using CoinSpot to buy, sell, and swap more than 380 cryptocurrencies and NFTs, either on desktop or using the CoinSpot app.

How to do your CoinSpot taxes with Koinly

You can use a CoinSpot tax calculator like Koinly to easily generate a CoinSpot tax statement. All you need to do is connect CoinSpot to Koinly automatically via API or upload a CSV file of your CoinSpot transaction history. Once Koinly has your transaction history, it'll calculate your gains, losses, income, and more, before generating your crypto tax report ready to file with the ATO.

CSV

Follow these steps to sync your CoinSpot data automatically to Koinly:

  1. Log in to your CoinSpot account.
  2. In the top right corner, select your profile icon.
  3. From the drop-down tab, select API.
  4. Select generate new API key.
  5. Enter an API key name, for example, "Koinly".
  6. Under API key type, select Read Only, as granting full access will put your capital at risk
  7. Enter your 2FA code and select create API key.
  8. You'll be sent an email to confirm you want to verify this API key. Click the link in the email sent to you. You will need to open the link using the same browser as you are using for Swyftx
  9. Copy the API key and paste it into the API key field in Koinly.
  10. Go back to CoinSpot and select view secret (one time only).
  11. Copy the API secret and paste it into the API secret field in Koinly.

On Koinly:

  1. Create a free account on Koinly
  2. Complete onboarding until you get to the Wallets page and find CoinSpot in the list
  3. Select API > Paste the API keys you copied above in the appropriate box
  4. Hit Import and wait for Koinly to sync your data. This can take a few minutes
  5. Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
  6. Go to the Tax Reports page to view your tax liability!
Notes / Limitations
  • Migrations and rebases are not provided by the API. Such transactions need to be added manually.
  • Some fiat withdrawals may be missed by the API. This will not affect any of your calculated gains, and can therefore be ignored
Having trouble connecting CoinSpot with Koinly?
  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.

How are CoinSpot transactions taxed?

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:

  • Capital Gains Tax: If you sold or swapped crypto - including NFTs - on CoinSpot, you’ll pay Capital Gains Tax. Although it’s referred to as Capital Gains Tax, it’s based on the same Income Tax rates - so you’ll pay between 0% to 45% tax depending on how you earn. However, if you hold your asset for more than a year, you’ll get a 50% discount.

  • Income Tax: Meanwhile, if you earned new tokens on CoinSpot, the ATO generally views this as additional income and you may need to pay Income Tax upon receipt.

How do I get a CoinSpot tax statement?

CoinSpot does not provide tax statements, but you can easily export your transaction history from CoinSpot, and either calculate your CoinSpot taxes yourself or use a crypto tax calculator like Koinly to generate a CoinSpot tax statement.

How do I file my CoinSpot taxes?

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.

Does CoinSpot report to the ATO?

Yes, it's likely CoinSpot reports to the ATO. As part of a crackdown on crypto, the ATO collects records from all Designated Service Providers (DSP) of cryptocurrency based in Australia. 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.

Your frequently asked questions

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