PRESS RELEASE: End Your Crypto Tax Headaches With Koinly
As cryptocurrency markets crash to yearly lows, Australian investors are searching for support in lodging their crypto tax returns.
Koinly(https://koinly.io/) is leading the pack – having launched in 2018, Koinly now offers over 700+ integrations, across the top wallets, blockchains and exchanges, including Binance, CoinJar, CoinSpot, Digital Surge, Swyftx, FTX, and many more.
With more integrations, Koinly makes it easier to gather all your crypto trades in one place.
It’s no surprise, then, that during their current tax season, Australian crypto investors prefer using Koinly as their go-to crypto tax software – and with over 1 million Australians holding crypto, we’re making it easier than ever to do your crypto taxes.
Koinly’s Head of Tax, Danny Talwar, explains that now more than ever, crypto investors need all the tools they can to help navigate tax time amidst unprecedented market volatility.
“These periods of volatility are expected as the technology and market underpinning crypto becomes more understood and matures. Over time things will settle and become more stable. Crypto is here to stay, and now more than ever, investors need support to steer through the complexities of tax obligations when it comes to crypto investments,” he said.
“In Australia, cryptocurrency is seen as an asset and attracts both Capital Gains Tax and Income Tax. This year, the ATO confirmed they would be focusing on crypto investments this tax time and recently updated their guidance on several crypto tax matters,”
“Crypto investors who have sold, traded, spent or even gifted crypto over the past financial year will need to pay Capital Gains Tax on their profits. Transactions such as airdrops, referral bonuses or yield generated as interest via DeFi protocols or CeFi apps will attract Income Tax,” Talwar continued.
In a nutshell, if you’ve sold, traded or made any income or interest from cryptocurrency in the last financial year, you’ll need to declare your crypto totals on your income tax return.
While this can be a headache for those who may have thousands of transactions across hundreds of different wallets and exchanges, Koinly is here to make crypto taxes easy.
Koinly can identify your taxable transactions from your non-taxable transactions, calculate both long-term and short-term capital gains and losses, as well as the fair market value of income from your crypto in AUD.
About Koinly: Koinly calculates your crypto taxes for you, catering to investors and traders at all levels. Whether it’s Crypto, DeFi or NFTs, the platform helps you save valuable time by reconciling your holdings to generate an ATO-compliant tax report in under 20 minutes. Sign up(https://app.koinly.io/signup) today and see how much you owe!
