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.
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 for. Learn more in our Australia crypto tax guide, but in brief:
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.
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. Here’s how to connect.
You'll need to start by downloading a CSV file with your full trading history from Cryptospend before you can upload it to Koinly. Here’s how.
Now you've got your CSV file, here's how to upload it to Koinly.
Problems connecting Cryptospend and Koinly? No worries - there's help at hand:
Sign up free today to calculate your Cryptospend taxes.
No, Cryptospend doesn’t provide a tax report for users, but you can get one using crypto tax software like Koinly.
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.
No, Cryptospend doesn’t provide a financial or EOFY statement for users. You’ll need to use your Cryptospend CSV file instead.
Yes. If you’ve spent crypto using Cryptospend - this is viewed as a disposal by the ATO and any gain subject to Capital Gains Tax.
Yes, Cryptospend is a secure app that helps you spend your crypto easily, just like you’d spend dollars.
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.