How to get a CoinSpot tax statement

You can use a CoinSpot tax calculator like Koinly to easily generate a CoinSpot tax statement. All you need to do is connect CoinSpot to Koinly automatically via API or upload a CSV file of your CoinSpot transaction history. Once Koinly has your transaction history, it'll calculate your gains, losses, income, and more, before generating your crypto tax report ready to file with the ATO.

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:

• 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.

Wondering how specific transactions on CoinSpot are taxed? Let's dive into the details.

Buying and selling crypto on CoinSpot

When you buy crypto on CoinSpot, it’s considered a CGT (Capital Gains Tax) asset. You need to track your purchase price (cost base), then calculate the gain or loss when you sell. If you sell for more, that’s a capital gain; if you sell for less, that’s a loss. Hold for over 12 months and you might be eligible for the 50% CGT discount.

Trading crypto on CoinSpot

Swapping one crypto for another is a taxable event in Australia. The asset you swap away is treated like a sale and may trigger a capital gain or loss. The new crypto is a fresh CGT asset, with its cost base set to the market value (in AUD) at the time of the swap.

Bundle buys on CoinSpot

CoinSpot bundles make it easy to buy multiple cryptos in one go, but for tax purposes, each token is still treated separately. So buying and later selling a bundle could mean dozens of individual CGT events. Crypto tax software like Koinly can help you keep track of it all.

CoinSpot affiliate rewards

If you earn crypto through CoinSpot’s affiliate program, it counts as ordinary income, not a capital gain. You’ll need to report the AUD value of rewards at the time you receive them. These earnings are taxed like any other income, so keep a record of dates and amounts.

CoinSpot NFTs

NFTs are also CGT assets. Any gain from selling an NFT is taxable. Because each NFT is unique, market value can be harder to pin down, which can complicate your tax reporting. And if you're GST-registered, NFTs don’t qualify as digital currency, so regular GST rules apply.

CoinSpot SMSF accounts

SMSFs have different tax rules from individuals. Crypto is still a CGT asset, but there's a multitude of tax benefits (both short and long-term). However, SMSFs also need accurate records for audits. A CoinSpot SMSF account and the right tax software can help keep everything compliant. Check out our guide on Crypto SMSFs for more information.

Does CoinSpot automatically deduct taxes?

No. CoinSpot isn't responsible for your taxes; you are. You'll need to keep track of any gains, losses, or income from CoinSpot investments and pay any tax due to the ATO.

How do I get a CoinSpot tax statement?

CoinSpot does not provide tax statements, but you can easily export your transaction history from CoinSpot, and either calculate your CoinSpot taxes yourself or use a crypto tax calculator like Koinly to generate a CoinSpot tax statement.

Why can’t CoinSpot give me a complete record of my tax history? 

Most investors use multiple wallets and platforms, but CoinSpot can only see transactions made within its own system. For example, if you buy Bitcoin on Binance and move it to CoinSpot, CoinSpot won’t know what you originally paid, so it can’t calculate your capital gains or losses accurately.

Fortunately, CoinSpot partners with Koinly, a crypto tax calculator that helps you track and calculate your crypto taxes across all your exchanges and wallets.

How do I lodge 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.