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:

  1. Log in to Coinstash.
  2. Select portfolio from the top menu.
  3. Select transactions from the navigation bar
  4. Select “Export Txns”

On Koinly:

  1. Create a free account on Koinly
  2. Complete onboarding until you get to the Wallets page and find Coinstash in the list
  3. Click on it and select "File import" in the import options screen
  4. Upload the files you downloaded from Coinstash (one at a time) and click on Import
  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!
Having trouble connecting Coinstash with Koinly?

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: 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

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