I received an email from vendor stating "It's crypto tax time! Get started with 20% off all Koinly plans! The deal expires in 24 hours, so get it while it lasts! Simply enter this coupon at checkout: 5F5555BC" over 24 hours ago, but just used it this morning to purchase a tax report for last tax year and it still worked. Hopefully not account specific, and useful to someone else out there.
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Maybe it’s cointracker? I reckon most you’d have to pay for these days
Koinly is free, you can use it to track multiple wallets, exchanges etc without cost. You just have to pay for the tax reporting reports if you want those.
Pretty sure for Australia the free version is enough and why it is so popular in Australia. The more complex reports are probably needed for the US
Thought it only gave you 100 transactions or something
Are people getting ato warnings
It's crypto tax time!
you can negatively gear cryto now?
Thanks, OP.
What does the tax report look like? Do you need to submit that when you do your tax return?
Also, does anyone know how paying CGT works? Will the ato contact you later and ask for that tax or will that all be done on etax?
Capital gains is on your etax. You wouldnt need an in depth report unless you are audited and even then i would imagine submitting a transaction report in CSV would be enough. Thats all i would be doing, let them go through the pain of working out all the transactions and whether its worked out right.
Heard about these sites missing transactions, as they are not perfect.
I'm testing both atm:
Koinly has a fee plan,
cryptotaxcalculator does not,
But they both let you do the import, and see how many transactions it has picked up, before buying the report.
Just finished importing to both sites, from coinspot and Binance.
Koinly picked up 180
cryptotaxcal picked up 325
(transactions)
That's a big variance. Shouldn't it be clear how many transactions you have on the CSV file?
Koinly does not take into account CGT discount if you're eligible.
What they are good for is importing your .CSV files, identifying gain/loss on sales which you can then have side by side with your .CSV and enter gain/loss on your sales and work out what assets are entitled to CGT discount. You don't need to purchase tax report.
Also they class mining as income, which unless you can prove you are in business it is not.
Curious as to why you think mining isnt an income? Whether you 'buy' the asset or you get it for free (yes there are costs with mining), airdrop or even gifted it you then have something that is considered capital?
I own a mining rig but also purchase crypto but never see how the benefits (or loss) from either should be treated differently
Like I said - it depends on whether you are in business or not. ATO have covered it.
If you have 1 gpu mining for example no way are you in business. Therefore BTC/crypto mined is a capital asset under CGT rules not income.
Cost base = value when mined - electricity
If you are in business the rules are different.
https://community.ato.gov.au/t5/Knowledge-Archive/Mining-cry…
This post is not financial or tax advice - seek professional opinion
Interesting, so if you purchase with your hard earned cash 1 Eth you get taxed, but if you mine 1 Eth its not taxable.
@worthy1: It is taxable when you dispose of it
To be clearer
You buy 1 eth cost base = what you paid - fees
You mine 1 eth cost base = value at generation - electricity
Sale price - cost base = gain/loss position
https://community.ato.gov.au/t5/Cryptocurrency/Help-in-minin…
@slimdealin: To clarify, you mean + fees and electricity on your cost base, right? Or rather,
Taxable income = Sale price - cost base - fees - electricity
@slimdealin: What I meant is, you wrote 'cost base = what you paid - fees'.
That would increase your taxable income:
What you paid $100
Fee $5
Cost base = What you paid - Fee = $95
Sale = $200
Taxable income = $200 - $95 = $105.
Rather it should be:
Taxable income = $200 - $100 - $5 = $95.
Sorry, I think I was being pedantic. I was just a bit confused the first time I read your comment.
Also, are you including the total CGT as 'Additional Investment Income' on your return, rather than each individual CGT event? Do you disclose holdings, individual trades, etc.?
@chriise: I see what I've done, I've put - fees instead of + fees…sighs
I am not disclosing holdings - they know what I've got now all the exchanges I use are onboard
https://community.ato.gov.au/t5/Knowledge-Archive/Mining-cry…
depends if you're in the business of cryto-mining
Do you mean the 12 month discount?
My generated tax report shows long and short term gains, which based on their blog says they account for the 12 month discount.
Unless I am missing something?
Interesting - I didn't pay for the tax report because I saw feedback that it wasn't calculated in the report. The free data certainly didn't include it, but it's done now
Of course… Right after I purchased 4 Hodler plans.
Pretty disappointed so far when trying it for free. When allowing Binance API among a few errors i get '118 transactions are missing purchase history with a 'Total gains due to missing cost basis: 34748.08 AUD'
You can imagine how much its throw out my capital gains. I wish i had the capital gains it has calculated.
It wouldn’t connect to kucoin API
Also told me my CGT was around $600 after importing my csv files. I don’t think I’ve even sold $600 worth of crypto so not sure what’s going on there. I’ll just try track down everything manually when the time comes to do my tax.
This is code not available/expired 24/07/21
I remember someone posting a free crypto tax tool sometime back, but can't recall what it is.