How to get a Swyftx tax report
Australian-based Swyftx is popular worldwide - but with UK and Australian investors in particular. The exchange offers a mobile and desktop experience and more than 280 trading pairs to pick from. Since the exchange launched in 2017, they've had no security breaches thanks to advanced security features like biometric logins. Whatever your investments, it's easy to do your Swyftx taxes with Koinly. Here's how.
Follow these steps to sync your Swyftx data automatically to Koinly:
- Log in to your Swyftx account and select profile from the left-hand menu.
- From the drop-down menu, select API keys.
- Select create new key.
- Name your API key, for example, "Koinly" and select next.
- Under scope, select read only then select next.
- Confirm the new API key by entering your password.
- Select submit.
- Copy the API key and add it to Koinly.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Swyftx 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!
Koinly is partnered with Swyftx - so we now have Single Sign-On (SSO) via Swyftx. SSO is the perfect solution for anyone who wants an easier option come tax time. With this feature, you can log in to Koinly with just one click right from within your Swyftx account, and then upload your crypto transactions.
How are Swyftx transactions taxed?
The tax you’ll pay on your Swyftx transactions all depends on how long you’ve held your asset, how much you earn, and the specific transactions you’ve made. You can learn all about it in our Australia crypto tax guide, but in brief, you’ll pay Capital Gains Tax or Income Tax, depending on your specific transactions:
Capital Gains Tax: If you sold or swapped crypto on Swyftx, you’ll pay Capital Gains Tax on any gain. For short-term gains on assets held for less than a year, you’ll pay between 0% to 45% in tax depending on how much you earn. For long-term gains on assets held for more than a year, you’ll receive a 50% discount.
Income Tax: Meanwhile, if you earned new tokens on Swyftx - for example, staking rewards - the ATO generally views this as additional income and you may need to pay Income Tax upon receipt.
If you’re outside Australia - check out our other crypto tax guides to learn more!
Does Swyftx report to the ATO?
Yes. Swyftx is an AUSTRAC-registered exchange and may share KYC data with the relevant authorities, including the ATO, to ensure tax compliance.
How do I file my Swyftx taxes?
You file your crypto taxes as part of your annual tax return with the ATO. You’ll report any gains, losses, or income either via the myTax portal or using paper forms NAT 2541 & NAT 2670.
If you’re doing this yourself -start by identifying the cost basis of each crypto asset, your taxable transactions, and the kind of tax that applies. Then calculate your gains and losses (using an allowable cost basis method), and don’t forget to separate short and long-term gains to make sure you don’t pay too much tax!
Not only do you need to do this for your Swyftx transactions, but for every crypto exchange or wallet you used to trade throughout the financial year. It’s a lot of work for active investors.
But Koinly makes this easy. Just connect Swyftx and Koinly automatically via API or by uploading a CSV file. Koinly then calculates your Swyftx taxes and generates your myTax report, ready to file with the ATO.
Your frequently asked questions
Does Swyftx have tax documents?
Swyftx does have a tax report of sorts - which is a CSV file of your Swyftx transaction history. You can then upload this to your crypto tax software or calculate your crypto taxes yourself. You can also download a PDF file of your transaction history as a Swyftx tax report.
How do I get Swyftx tax documents?
Swyftx 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 Swyftx transaction history.
Does Swyftx provide financial or end of year statements?
No, but you can download your Swyftx CSV file and use this as your financial statement. You can pick the year (or the specific date range) you'd like for your financial statement and then download this as a CSV file or PDF file.
Do I have to pay taxes on Swyftx?
Yes. If you have gains or income from your Swyftx transactions - you’ll need to pay tax. If you’re thinking of avoiding your taxes? Don’t - the penalties are steep!
Is Swyftx safe?
Yes, Swyftx is regarded as a safe and well-regulated crypto exchange that follows best security practices.
Does Swyftx have KYC?
Yes, Swyftx requires KYC. Swyftx is an AUSTRAC registered exchange and therefore they're legally compelled to require KYC. Like many other exchanges, Swyftx has different levels of KYC verification.