Using Koinly To Complete Your Australian Tax Return
Koinly to Complete Your Australian Tax Return
You have used CoinSpot to trade cryptocurrency during the financial year. Now it is time to prepare your tax returns. Check out this site for information! https://sharetrading.guru/using-koinly-to-complete-your-australian-tax-return/
If you’re preparing your tax returns yourself, or if your accountant has sent you your crypto trades, they may have sent you back something that says they need you to pay thousands of dollar to prepare your return. This is likely because they spent so much time calculating your crypto gains and losses. However, there is a better way! Koinly.
What is Koinly?
Koinly allows you to upload transactions and calculates your capital gain or loss as well as total crypto sales. You will need all the information you need to prepare your Australian income taxes return.
What is Koinly?
You first need to sign up for Koinly. It is free and takes only a few minutes. You will need to upload your data and then buy a tax report. The cost of the tax report is determined by how many transactions have been uploaded.
What Does Koinly Cost You? https://sharetrading.guru/using-koinly-to-complete-your-australian-tax-return/
You can view a variety of options by clicking on the settings tab in the top tab, then going to plans. A newbie plan includes 100 transactions at $49 USD, 3,000 transactions at $179 USD and 10,000+ transactions at $279 USD. These are one-time costs that are based on how many transactions you have. There is no monthly fee, annual subscription or any other fees. You can only purchase what you need.
Why should you use Koinly?
This saves time and money. You can prepare your taxes yourself and generate the necessary information to complete your tax return. You can save hundreds, if not thousands, of dollars by presenting your Koinly tax report to your accountant. The reports will be used by your accountant to quickly complete the required sections of your tax return. We have more information at sharetrading.guru/using-koinly-to-complete-your-australian-tax-return/
Let’s get started with how to use Koinly
Sign up is the first thing you should do. This can be done by continuing with Coinbase or using your Google account. Or you can use your email. If you don’t want to receive any communication from Koinly, you can un-tick “send me” box.
Next, you will need to add your wallets. There are many options for wallets and exchanges. Binance, Coinbase and Bittrex are the most popular ones.
After clicking on your wallet, a box will open and allow you to name your wallet. It’s now time to import your wallet’s data.
CoinSpot is the most popular crypto platform used by Australians. You can upload to CoinSpot using the CoinSpot API, or export a.csv file.
Your API key and API secret are required to import via API. These can be found by clicking on API near the WithdrawAUD tab.
You can upload your.csv data to replace the order history tab. To find it, navigate to the “order History” tab and click on both the “sends/receives CSV” and “buys/sells CSV” buttons. These files can then be downloaded and uploaded to the upload section of your Koinly account. Remember that if you are using CSV files, you must import all your deposits/withdrawals, and trades for all years.
After you have uploaded your files, you will see the “import complete” box below.
The “tax reports” tab can be accessed in Koinly by clicking the link at the top. Select the financial year that you wish to view reports by using the dropdown.
Scroll down and select a report type. You will choose between the ATO Report (myTax), or the “Complete Tax Report”. This will depend on whether your crypto trading is done on an income account or a capital account.
An ABN is required for income accounts. You will also need to fill out the business schedule detailing your trading activity. Capital account will require you to fill out the CGT Section. You will be eligible for the 12-month CGT discount on holdings you have held more than 12 months before the sale.
This tax guide from CoinSpot will help you determine the classification of your income. https://www.coinspot.com.au/cryptotax
After you’ve selected the report that you want, click “download report”. You will then see “view plans”, in blue. Select the option that you want by clicking on this link.
Select your plan and enter a promo code if applicable. Click on Buy Now.
Click on the Download button to download your report.
We recommend the “complete” tax report if you’re unsure which report to choose. It contains all information needed for either the capital or income accounts.
This guide is easy to follow, and we hope it will help you save a lot of money. We would love to hear from you if it has been of any assistance.