Does CoinSpot Report to the ATO?

Have you traded on CoinSpot in Australia? The ATO may know more about your transactions than you think. Find out what CoinSpot reports to the ATO in our guide.

Does CoinSpot report to the ATO?

Yes, CoinSpot may report to the ATO. As a registered crypto asset service provider in Australia, CoinSpot is likely part of the ATO’s data sharing program.

This program allows the ATO to request and collect information from exchanges like CoinSpot to ensure Australian investors accurately report their crypto investments.

Read next: Is CoinSpot Safe?

What does CoinSpot report to the ATO?

The ATO works with selected data providers to determine what information is shared, so the exact details CoinSpot provides aren't publicly confirmed. However, according to the ATO, the personal data it may receive can include:

• Full name(s)

• Date of birth

• Residential and mailing address(es)

• Australian Business Number (if relevant)

• Email address(es)

• Phone number(s)

• Social media profiles

• Details from identity documents

• IP address used during registration

• Internal user ID

In addition to personal info, the ATO may also access transaction-related data from CoinSpot, such as:

• Linked bank account details

• Connected crypto wallet addresses

• Transaction IDs, timestamps, asset types, and values

• Account balances in both crypto and fiat

• Transfer records and descriptions

• IP addresses used for activity

Read next: Can the ATO track crypto?

What does the ATO do with the information CoinSpot provides?

The ATO uses information from exchanges like CoinSpot to help ensure Australians are properly reporting their crypto activity. This data may be used to:

• Identify investors who may need to declare crypto on their tax returns

• Remind or prompt individuals about their reporting obligations when lodging tax returns online

• Cross-reference tax return details against the data provided by CoinSpot and other exchanges

How do I report my CoinSpot taxes to the ATO?

Investors must report any gains, losses, or income from CoinSpot to the ATO by October 31st each year as part of their annual tax return. Capital gains and losses go in the Tax Return for Individuals (Supplementary Section - NAT 2679), while crypto income is reported in the Tax Return for Individuals (NAT 2541). Alternatively, you can skip the paper forms and lodge online through the ATO’s myTax portal.

CoinSpot doesn’t issue specific tax forms for Australian users, so the easiest way to handle your CoinSpot taxes is by using a crypto tax calculator like Koinly.

Read next: Australian Crypto Tax Guide

Report your CoinSpot taxes with Koinly

Koinly takes the hassle out of reporting your CoinSpot transactions to the ATO. You can easily sync your transaction history using the API or by uploading a CSV file.

Once your data is imported, Koinly automatically calculates your capital gains, losses, and crypto income. It then generates a ready-to-use myTax report, plus other useful summaries, to help you complete your ATO lodgement. Learn more about doing your CoinSpot taxes with Koinly.