How to do your Easy Crypto taxes
Easy Crypto is a crypto exchange offering services in New Zealand, Australia, and South Africa. But if you have Easy Crypto transactions, you may have a tax bill. Koinly can help you calculate your Easy Crypto taxes. Just upload your transaction history, and it'll generate your crypto tax reports for you. Here's how.
Follow these steps to download your Easy Crypto data:
- Log in to your Easy Crypto account.
- Select My Account in the top right hand corner.
- Select Orders.
- Click Download a CSV of your completed orders.
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Easy Crypto in the list
- Click on it and select "File import" in the import options screen
- Upload the files you downloaded from Easy Crypto (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 Easy Crypto transactions taxed?
The ATO provides detailed guidance on how cryptocurrency is taxed in Australia, which you can explore further in our comprehensive Australian crypto tax guide. In short, your transactions on Easy Crypto may fall under either Capital Gains Tax or Income Tax, depending on the nature of the activity:
Capital Gains Tax (CGT): If you sell or trade crypto through Easy Crypto, you may be liable for CGT. Although it's called Capital Gains Tax, the amount you pay is based on your regular income tax bracket (ranging from 0% to 45%). Holding an asset for more than 12 months could qualify you for a 50% CGT discount.
Income Tax: If you earn new tokens via activities like airdrops, staking, or referrals using Easy Crypto, the ATO typically treats this as ordinary income. You may need to report and pay Income Tax on the fair market value of the tokens at the time you receive them.
Does Easy Crypto report to the ATO?
Potentially. As an AUSTRAC-registered exchange, Easy Crypto will be part of the ATO's data sharing program with crypto exchanges, meaning your personal details and transaction history may be shared with the tax office.
Read next: Can the ATO track crypto?
How do I lodge my Easy Crypto taxes?
Any capital gains, losses, or income from your Easy Crypto transactions must be reported to the ATO as part of your annual tax return. You can do this through the myTax online system or by submitting paper forms NAT 2541 and NAT 2670.
If you’re managing it yourself, you’ll need to calculate the cost base for each asset, identify which transactions are taxable and the type of tax that applies, work out your gains and losses using an ATO-compliant method, and distinguish between short- and long-term gains. And remember, this applies not just to your Easy Crypto activity, but to every crypto wallet and exchange you’ve used.
That’s why many investors choose to simplify the process with crypto tax tools like Koinly. Koinly automates the entire calculation process and generates a crypto tax report, ready to help you file with the ATO.
FAQs
Does Easy Crypto have tax documents?
No, Easy Crypto doesn’t provide a tax report specifically for the ATO. However, you can use your Easy Crypto transaction history to calculate your crypto taxes with the help of a crypto tax tool like Koinly.
Does Easy Crypto provide financial or end-of-year statements?
No, but you can use your Easy Crypto transaction history as a financial statement. This record can be used to generate a tax summary for the ATO based on your activity on Easy Crypto.
How do I get an Easy Crypto tax report?
The easiest way to get your Easy Crypto tax report is with a crypto tax calculator like Koinly. Just export your Easy Crypto transaction history and upload this file to Koinly. Koinly will identify your taxable transactions and calculate your gains, losses, and income before generating your tax reports.
