How to file your Cryptospend taxes with Koinly
Cryptospend is a mobile app that lets investors spend crypto just like they would dollars. You can use the app to store a variety of popular coins, including BTC, ETH, and XRP, and use the app to spend your crypto anywhere. But the ATO will want to tax any gains you made from spending crypto. Don't worry - Koinly can help. Here's how.
Follow these steps to download your CryptoSpend data:
- Log in to the Cryptospend app.
- Select the menu icon (three lines) in the top left corner.
- Select account.
- Under transactions, select get transactions.
- Your CSV file will be sent to your email, download your Cryptospend CSV file from there.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find CryptoSpend in the list
- Click on it and select "File import" in the import options screen
- Upload the files you downloaded from CryptoSpend (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!
How are Cryptospend transactions taxed?
It might come as a surprise, but spending crypto is taxed in Australia - so your Cryptospend transactions are taxable! The amount of tax you’ll pay depends on how much you earn and how long you’ve held your crypto. Learn more in our Australia crypto tax guide, but in brief:
Capital Gains Tax: When you spend crypto using Cryptospend, the ATO views this as a disposal of an asset. Any perceived gain (so if the price of your asset has increased since you acquired it) is subject to Capital Gains Tax. Short-term capital gains are taxed at the same rate as personal income (between 0% to 45% depending on how much you earn). Meanwhile, long-term gains, from assets held more than a year before disposal, receive a 50% CGT discount.
Income Tax: If you earned new tokens on Cryptospend - like Cryptospend rewards - the ATO may potentially view this as additional income and you may need to pay Income Tax upon receipt.
Does Cryptospend report to the ATO?
Yes, Cryptospend may report to the ATO. As an AUSTRAC registered provider, Cryptospend agrees to share customer data with the relevant authorities, including the ATO.
How do I file my Cryptospend taxes?
You need to report crypto gains, losses and income to the ATO as part of your annual tax return - either online with myTax or with paper forms.
To do it yourself, start by identifying the cost basis of each crypto asset, then calculate the subsequent capital gain or loss from each time you spent crypto, as well as the fair market value of any potential income from rewards. It can be a lot of work if you’ve spent a lot of crypto this year.
Fortunately, you can use Koinly and save hours. Just connect Cryptospend and Koinly by uploading a CSV file of your transaction history. Koinly will calculate your Cryptospend taxes and generate your myTax report, ready to file with the ATO.
Your frequently asked questions
Does Cryptospend have tax documents?
No, Cryptospend doesn’t provide a tax report for users, but you can get one using crypto tax software like Koinly.
How do I get Cryptospend tax documents?
The easiest way to get your Cryptospend tax documents is to upload a CSV file of your Cryptospend transaction history to Koinly, which will generate your tax reports for you.
Does Cryptospend provide financial or end of year statements?
No, Cryptospend doesn’t provide a financial or EOFY statement for users. You’ll need to use your Cryptospend CSV file instead.
Do I have to pay taxes on Cryptospend?
Yes. If you’ve spent crypto using Cryptospend - this is viewed as a disposal by the ATO and any gain is subject to Capital Gains Tax.
Is Cryptospend safe?
Yes, Cryptospend is a secure app that helps you spend your crypto easily, just like you’d spend dollars.
Does Cryptospend have KYC?
Yes, Cryptospend has KYC verification for users. In order to operate in Australia, crypto service providers need to register with AUSTRAC. Part of the AUSTRAC operating requirements are to collect KYC data on customers.