How to file your Cointree taxes
Cointree is a popular Australian exchange with more than 240 cryptocurrencies, high levels of security, and straightforward fees. Whatever your Cointree investments, Koinly can help with your Cointree taxes and filing with the ATO; just connect via API or upload a CSV file of your Cointree transaction history.
Follow these steps to sync your Cointree data automatically to Koinly:
- Log in to Cointree.
- Select your profile icon in the top right corner.
- From the drop-down menu, select settings.
- From the top navigation menu, select API keys.
- Give your API key a name, for example, "Koinly".
- Select generate API key + secret.
- Copy your API key and API secret and add them to Koinly.
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Cointree in the list
- Select API > Paste the API keys you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- 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 Cointree transactions taxed?
The ATO is clear that your Cointree 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 Cointree, 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 much 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 Cointree, the ATO generally views this as additional income ,and you may need to pay Income Tax upon receipt.
Does Cointree report to the ATO?
Cointree may report to the ATO. As an AUSTRAC-registered exchange, Cointree is part of a data-sharing program with the relevant government authorities, including the ATO.
Read next: Can the ATO track crypto?
How do I file my Cointree taxes?
The ATO expects you to report any capital gains, losses, or income from crypto in your annual tax return, either using the myTax portal or the NAT 2541 & NAT 2670 forms.
To do this, you need to calculate your capital gains, losses, and any income from Cointree (and any other crypto platforms), but for busy investors, this can be a lot of work. 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.
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.
Your frequently asked questions
Does Cointree have tax documents?
No, Cointree doesn’t provide a tax report ready to file with the ATO. Instead, you’ll need your transaction history. You can use this to calculate your taxes by uploading it to a crypto tax calculator which will generate an ATO-compliant tax report in minutes.
How do I get Cointree tax documents?
Cointree 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 Cointree transaction history.
Does Cointree provide financial or end of year statements?
Cointree does supply a PDF account statement, for both the current financial year and previous financial year. You can find this in the transactions page within Cointree.
Do I have to pay taxes on Cointree?
Yes - the ATO is clear crypto is subject to tax, including any capital gains or income from your Cointree transactions. It’s not a good idea to try and avoid your taxes either - the penalties are steep!
