How to do your Coinstash taxes
Coinstash is a user-friendly Australian crypto platform that lets you buy, sell, send, and receive crypto, as well as earn reward points. Whatever your investments, Koinly can help with your Coinstash taxes. Here's how it works.
Follow these steps to download your Coinstash data:
- Log in to Coinstash.
- Select portfolio from the top menu.
- Select transactions from the navigation bar
- Select “Export Txns”
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Coinstash in the list
- Click on it and select "File import" in the import options screen
- Upload the files you downloaded from Coinstash (one at a time) and click on Import
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
- 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 and Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
How are Coinstash transactions taxed?
The ATO is clear that your Coinstash transactions may be subject to either Capital Gains Tax or Income Tax, and the amount of tax you’ll pay depends on how much you earn and how long you’ve held your asset. You can learn more in our Australia crypto tax guide, but in brief:
Capital Gains Tax: If you sold or swapped crypto on Coinstash, 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:Â If you earned new tokens on Coinstash, the ATO generally views this as additional income, and you may need to pay Income Tax upon receipt.
Does Coinstash report to the ATO?
Yes. Coinstash is an AUSTRAC-registered exchange and, as such, may share customer data with government agencies upon request. Learn more about what the ATO knows about your crypto in our guide: can the ATO track crypto?
How to get a Coinstash tax report
The ATO requires you to declare any profits, losses, or earnings from cryptocurrency activity on your annual tax return. You can do this via the myTax platform or by submitting forms NAT 2541 and NAT 2670.
To meet this requirement, you'll need to work out your capital gains, losses, and any income received through Coinstash or other crypto exchanges and wallets. This involves determining the original purchase value of each asset, identifying taxable events and the relevant tax treatment, applying an ATO-compliant method to calculate gains and losses, and distinguishing between short-term and long-term gains.
Because this can be time-consuming and complex, many investors turn to crypto tax calculators like Koinly. These platforms automate the process and produce a completed myTax report that can help you easily file with the ATO.
FAQs
Does Coinstash have tax documents?
No, Coinstash doesn’t provide an ATO tax report. However, you can use a crypto tax calculator to generate an ATO compliant crypto tax report in no time at all.
How do I get Coinstash tax documents?
The easiest way to get your Coinstash tax documents is to upload a CSV file of your Coinstash transaction history to Koinly. Koinly will then calculate your Coinstash taxes and generate a tax report, ready to file with the ATO.
Does Coinstash provide financial or end of year statements?
No, Coinstash doesn’t provide a financial statement or EOFY statement for users. But you can use the export CSV function to get a record of your transaction history on Coinstash.
Do I have to pay taxes on Coinstash?
Yes - the ATO is clear crypto is taxed. You’ll pay Capital Gains Tax on any gains when you sell or swap on Coinstash, and potentially Income Tax upon receipt on Coinstash Earn tokens.
