How to do your CoinSpot taxes with KoinlyÂ
The most popular crypto exchange in Australia, more than a million Australian crypto investors are using CoinSpot to buy, sell and swap crypto. You can easily integrate CoinSpot with Koinly to calculate and generate Australian tax reports.
- 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
- Koinly calculates your CoinSpot Capital Gains Tax and CoinSpot Income Tax
- Download your CoinSpot tax report from Koinly
- File your CoinSpot taxes online with the ATO or with your crypto tax accountant.
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?
It's likely CoinSpot reports to the ATO. As part of a crackdown on crypto, ATO announced they'd be collecting records from all Designated Service Providers (DSP) of cryptocurrency based in Australia, though they didn't name which exchanges. 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.
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
On CoinSpot
- Log in to your CoinSpot account
- In the top right corner, select your profile icon
- From the drop down tab, 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 on email or live chat
- Got a feature request? Give us feedback on Canny
Calculate your CoinSpot taxes
Sign up free today to calculate your CoinSpot taxes
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 do I get CoinSpot tax documents?
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 tax report 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.