Using BTC Markets to invest in Bitcoin and other cryptocurrencies? The ATO will want their cut of your profits by the 31st of October. If you need to learn how to calculate and file your BTC Markets taxes with the ATO, you’re in the right place.
How to prepare a BTC Markets tax report
The ATO is very clear that if you’re selling or swapping crypto on exchanges like BTC markets - you’ll need to pay Capital Gains Tax on any profits, as well as pay Income Tax on any additional income from crypto.
If you’re a busy investor with a lot of transactions - it’s a lot of work. But fortunately, a BTC Markets tax calculator can help. To get started, you’ll need your BTC Markets transaction history.
How to download your BTC Markets transaction history
You’ve got two options for fetching your BTC Markets transaction history:
- Connect via API using a crypto tax calculator to automatically fetch your transaction history and calculate your taxes.
- Download your BTC Markets transaction history as a CSV file and upload this to a crypto tax calculator or use it to calculate your crypto taxes yourself.
Do BTC Markets provide a tax report?
No, BTC Markets don’t provide a tax report, but you can get one using crypto tax software.
Do BTC Markets supply a financial statement?
No, BTC Markets don’t issue users with a financial statement. Instead, you’ll need to get your BTC Markets transaction history, via CSV or API.
How to generate a BTC Markets tax report
There’s two ways to create your BTC Markets tax report - DIY or use crypto tax software.
DIY? Get your BTC Markets CSV file and identify each of your taxable transactions (so any time you sold or swapped crypto, or earned additional income in crypto). Identify the cost basis for each transaction and the subsequent profit or loss you made at the point of sale or trade, as well as the fair market value (in AUD) of any crypto income on the day you received it. Tally this all up and report your additional income and net capital gain, minus any losses and applicable long-term capital gains discounts, to the ATO in your annual lodgment.
If it sounds like a lot of work - it’s because it is. Fortunately, you can do it in no time at all with a crypto tax tool. Just connect via API or upload a CSV file - here’s how.
BTC Markets CSV export
Prefer to use a CSV file? No problem, log in to BTC Markets and select buy/sell, then trade history then export to CSV. Use your CSV file to calculate your crypto taxes yourself or upload it to a crypto tax calculator.
BTC Markets tax API
If you're using crypto tax software - using the BTC Markets tax API is quicker and automatically fetches your transaction history. To connect, just log into BTC Markets and select account then API key. Create a read-only API and copy your API key and secret, then paste these details into your crypto tax tool when you're adding a new wallet.
Do BTC Markets provide an end of year statement?
No, BTC Markets don’t provide an EOFY statement.
Do BTC Markets require KYC?
Yes, BTC Markets is an AUSTRAC registered Digital Currency Exchange and requires users to complete KYC verification in order to use the platform.
Do BTC Markets report to the ATO?
Yes, BTC Markets may report to the ATO. As an AUSTRAC registered exchange, BTC Markets may be required to share customer data with the relevant government authorities including the ATO.
If you’ve been wondering if Koinly is a BTC Markets tax calculator tool, the answer is - yes!
Not only can Koinly calculate your BTC Markets taxes, but Koinly also connects to more than 600 other exchanges, wallets and blockchains - so you can get all your crypto taxes done whichever platforms you’re using.
Koinly is able to do a bunch of impressive tasks that save you time and can even save you from paying too much in tax:
- Koinly imports all your BTC Markets transaction data via API or CSV file upload.
- Koinly identifies your taxable transactions on BTC Markets, including identifying non-taxable transfers from disposals.
- Koinly identifies your cost basis for each crypto asset, calculates your short and long-term capital gains and losses and the fair market value of any crypto income (like airdrops!) in AUD on the day you received it.
- Finally, Koinly generates your BTC Markets tax report, ready to download whenever you’re ready to file with the ATO.
The information on this website is for general information only. It should not be taken as constituting professional advice from Koinly. Koinly is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances. Koinly is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.