How to get a CoinSpot tax statement
What is CoinSpot?
CoinSpot is one of the most popular crypto exchanges in Australia, with more than two million Australian crypto investors using CoinSpot to buy, sell and swap more than 380 cryptocurrencies and NFTs, either on desktop or using the CoinSpot app.
How to do your CoinSpot taxes with Koinly
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.
Follow these steps to sync your CoinSpot data automatically to Koinly:
- Log in to your CoinSpot account.
- In the top right corner, select your profile icon.
- From the drop-down tab, select API.
- Select generate new API key.
- Enter an API key name, for example, "Koinly".
- Under API key type, select read only.
- Select create API key.
- You'll be sent an email to confirm you want to verify this API key. Click the link in the email sent to you.
- Copy the API key and paste it into the API key field in Koinly.
- Go back to CoinSpot and select view secret (one time only).
- Copy the API secret and paste it into the API secret field in Koinly.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find CoinSpot 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!
Migrations and rebases are not provided by the API so you need to add those manually.
It's important to know that sign-ups and other bonuses aren't synced to Koinly via API from CoinSpot. An example of one of these common migration issues is NPXS to PUNDIX. CoinSpot won't sync the airdrop of the new PUNDIX or the withdrawal of NPXS, so users would need to add this swap manually.
Another common example is sign-up bonuses paid in BTC. Don't worry, this just means you'll need to add these transactions manually through a CSV file import instead.
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.
Is CoinSpot Safe?
CoinSpot exchange is generally regarded as a safe crypto exchange for Australian investors. CoinSpot Australia is ISO 27001 certified, holds most assets in offline storage, and offers customizable account-level security for users. As well as this, CoinSpot is a certified member of Blockchain Australia - an industry body helping companies follow best practices in crypto. All this said, you should always follow best security practices and keep any crypto you're not actively trading in a secure, cold wallet.Does CoinSpot report to the ATO?
Yes, it's likely CoinSpot reports to the ATO. As part of a crackdown on crypto, the ATO collects records from all Designated Service Providers (DSP) of cryptocurrency based in Australia. As one of the most popular crypto exchanges, CoinSpot is almost definitely considered a DSP by the ATO and has likely faced pressure to share KYC data to ensure tax compliance.
Does CoinSpot provide a tax statement?
No. 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.
How do I file 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.
Does CoinSpot have staking?
Yes - you can stake crypto with CoinSpot. CoinSpot staking is called CoinSpot Earn, but the actual product offering remains the same. You can allocate tokens to an Earn Wallet in CoinSpot and earn rewards. Your rewards are calculated based on a tiered fixed interest rate per annum (APY).
Which is better Swyftx vs CoinSpot?
Looking for a Swyftx vs CoinSpot review? Both are popular exchanges in Australia that offer investors a huge number of cryptocurrencies to invest in easily. Both platforms offer top-notch security for your crypto and various helpful features like instant buys and sells. So when comparing the two, you may want to look at the different cryptocurrencies available, as well as the fees involved to see which is the better exchange for you to use. Need help? Check out our guide to the best crypto exchanges in Australia.
Which is better CoinSpot vs Coinbase?
Despite being a global crypto exchange, you can use Coinbase in Australia, just like you'd use CoinSpot. Coinbase Australia is similarly registered with AUSTRAC and follows best security practices as CoinSpot does. When you're picking a crypto exchange to use, you should look at the variety of products available - for example, earn products or staking - as well as the fees and cryptocurrencies available to trade. If you need more information, read our best crypto exchanges in Australia guide.
How much are CoinSpot fees?
You'll pay trading fees, network fees, and deposit/withdrawal fees on CoinSpot. For trades, the CoinSpot fees are:
|Instant buy, sell, or swap
|Take profit, stop, and limit orders
For deposits and withdrawals, the CoinSpot fees are:
|POLi, PayID, Direct Deposits
As well as this, if you're transferring crypto from CoinSpot, you'll pay a network fee to do so which is dynamic depending on the blockchain and network traffic, but you'll be able to see the current fee at the time you make the transaction.
Can you buy Shiba Inu on CoinSpot?
Yes, you can buy the popular memecoin Shiba Inu (SHIB) on CoinSpot, either using the CoinSpot instant buy feature or by swapping another cryptocurrency for SHIB tokens.
Can you buy NEM on CoinSpot?
Yes, you can buy NEM (XEM) on CoinSpot using the instant buy feature, or by trading another cryptocurrency for NEM.
Can you still buy Terra Luna on CoinSpot?
You can buy both Terra Luna Classic (LUNC) and Terra (LUNA2) on CoinSpot using the instant buy feature - just enter the AUD amount or the amount of LUNC or LUNA2 you want to buy and confirm the transaction in CoinSpot.
Can you buy XRP on CoinSpot?
Yes. It's easy to buy Ripple (XRP) on CoinSpot using instant buy, just enter the amount you want to purchase and confirm your transaction. Alternatively, you can also swap another cryptocurrency for XRP.
Can you buy Solana on CoinSpot?
Yes, you can buy Solana (SOL) on CoinSpot in just a few clicks using the instant buy feature. Just enter the amount you want to buy - either in SOL or AUD and confirm the transaction. You can also trade other cryptocurrencies for SOL instead.
Your frequently asked questions
Does CoinSpot have tax documents?
No, CoinSpot doesn't provide a tax report for the ATO. However, you can use your CoinSpot trading history to calculate your crypto taxes using a crypto tax app - like Koinly!