How to do your CoinSpot taxes
You can use a CoinSpot tax calculator like Koinly to easily generate a CoinSpot tax statement. Here's how it works.
- Sign up to Koinly and choose your country (Australia) and currency (AUD)
- Connect CoinSpot with Koinly to import all your CoinSpot trades safely and securely
- Koinly categorizes CoinSpot transactions into gains, losses, and income
- Download your CoinSpot tax statement from Koinly
- File your CoinSpot tax return with the ATO or with your crypto tax accountant
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.
Is CoinSpot Safe?
CoinSpot exchange is generally regarded as a safe crypto exchange for Australian investors. CoinSpot Australia is ISO 27001 certified, holds most assets in offline storage, and offers customizable account-level security for users. As well as this, CoinSpot is a certified member of Blockchain Australia - an industry body helping companies follow best practices in crypto. All this said, you should always follow best security practices and keep any crypto you're not actively trading in a secure, cold wallet.
Watch how to do your CoinSpot taxes fastÂ
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:Â
- 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.
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.
Does CoinSpot provide a tax statement?
No. 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. Here’s how it works.
How to connect Koinly and CoinSpot automatically using API
Connecting to Koinly using the CoinSpot tax report API is easy. Here's how:
On CoinSpot
- Log in to your CoinSpot account
- In the top right corner, select your profile icon
- From the drop-down menu, select API
- Select generate new API key
- Enter an API key name, for example, "Koinly"
- Under API key type, select read-only
- Complete the two-factor verification using the Google Authenticate app or via SMS
- Select create API key
- You'll be sent an email to confirm you want to verify this API key - click the link in the email sent to you
- Copy the API key
- Go back to CoinSpot and select view secret (one time only)
- Copy the API secret
On Koinly
- Sign up or log in to Koinly and go to wallets
- Select add new wallet: CoinSpot
- Select set up auto-sync
- Paste your API key & secret
- Select secure import
Important
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.
How to integrate CoinSpot with Koinly using CSV
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.
How to download and export your transaction history CSV file from CoinSpotÂ
- Sign in to your CoinSpot account
- In the top right corner, select your profile icon
- Select order history from the drop-down menu
- Download both the sends/receives CSV file and the buys/sells CSV file
How to upload your CoinSpot CSV to Koinly
Now you've got your CSV file, here's how to upload it to Koinly.
- Sign up or log in to Koinly and go to wallets
- Select add new wallet: CoinSpot
- Select import from file
- Upload your CSV file
Important
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.
How do I troubleshoot my CoinSpot integration to Koinly?
Problems connecting CoinSpot and Koinly? No worries - there's help at hand:
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter or Reddit
- Contact us by email or live chat
- Got a feature request? Give us feedback on Canny
Calculate your CoinSpot taxes
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Does CoinSpot have staking?
Yes - you can stake crypto with CoinSpot. CoinSpot staking is called CoinSpot Earn, but the actual product offering remains the same. You can allocate tokens to an Earn Wallet in CoinSpot and earn rewards. Your rewards are calculated based on a tiered fixed interest rate per annum (APY).
Which is better Swyftx vs CoinSpot?
Looking for a Swyftx vs CoinSpot review? Both are popular exchanges in Australia that offer investors a huge number of cryptocurrencies to invest in easily. Both platforms offer top-notch security for your crypto and various helpful features like instant buys and sells. So when comparing the two, you may want to look at the different cryptocurrencies available, as well as the fees involved to see which is the better exchange for you to use. Need help? Check out our guide to the best crypto exchanges in Australia.
Which is better CoinSpot vs Coinbase?
Despite being a global crypto exchange, you can use Coinbase in Australia, just like you'd use CoinSpot. Coinbase Australia is similarly registered with AUSTRAC and follows best security practices as CoinSpot does. When you're picking a crypto exchange to use, you should look at the variety of products available - for example, earn products or staking - as well as the fees and cryptocurrencies available to trade. If you need more information, read our best crypto exchanges in Australia guide.
How much are CoinSpot fees?
You'll pay trading fees, network fees, and deposit/withdrawal fees on CoinSpot. For trades, the CoinSpot fees are:
For deposits and withdrawals, the CoinSpot fees are:
As well as this, if you're transferring crypto from CoinSpot, you'll pay a network fee to do so which is dynamic depending on the blockchain and network traffic, but you'll be able to see the current fee at the time you make the transaction.
Can you buy Shiba Inu on CoinSpot?
Yes, you can buy the popular memecoin Shiba Inu (SHIB) on CoinSpot, either using the CoinSpot instant buy feature or by swapping another cryptocurrency for SHIB tokens.
Can you buy NEM on CoinSpot?
Yes, you can buy NEM (XEM) on CoinSpot using the instant buy feature, or by trading another cryptocurrency for NEM.
Can you still buy Terra Luna on CoinSpot?
You can buy both Terra Luna Classic (LUNC) and Terra (LUNA2) on CoinSpot using the instant buy feature - just enter the AUD amount or the amount of LUNC or LUNA2 you want to buy and confirm the transaction in CoinSpot.
Can you buy XRP on CoinSpot?
Yes. It's easy to buy Ripple (XRP) on CoinSpot using instant buy, just enter the amount you want to purchase and confirm your transaction. Alternatively, you can also swap another cryptocurrency for XRP.
Can you buy Solana on CoinSpot?
Yes, you can buy Solana (SOL) on CoinSpot in just a few clicks using the instant buy feature. Just enter the amount you want to buy - either in SOL or AUD and confirm the transaction. You can also trade other cryptocurrencies for SOL instead.
Does CoinSpot have tax documents?
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!
How to get a CoinSpot tax statement?
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.Â
Does CoinSpot provide financial or end of year statements?
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 CoinSpot tax summary for the ATO.
Do I have to pay taxes on CoinSpot?
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 -Â the penalties are steep!
Is CoinSpot safe?
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.
Does CoinSpot require KYC?
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.
Do you pay tax on CoinSpot?
Yes. If you have capital gains or income from CoinSpot, you'll need to pay Capital Gains Tax or Income Tax respectively. You can learn more about how crypto is taxed by the ATO - including your CoinSpot transactions - in our Australia crypto tax guide.
Is CoinSpot linked to the ATO?
No. CoinSpot is not affiliated with the ATO. However, CoinSpot may be required to share customer data with the ATO upon request.
Do you have to declare tax on CoinSpot?
Yes. The ATO expects you to declare any capital gains or losses, as well as any income from CoinSpot. If you have non-taxable transactions - for example, buys or transfers - generally you do not need to declare these to the ATO.