3A33A40B
Pretty good deal, previous expired deals have never been 50% off.
You can use the code multiple times for past, current and future financial years.
Prices listed are in USD.
Edit: not eligible for referral with the 50% coupon
50% off All Crypto Tax Plan Subscriptions @ Koinly
1390
cute as duck on 06/04/2022 - 19:18 koinly.io (3189 clicks)
Last edited 06/04/2022 - 22:40 by 1 other user
Last edited 06/04/2022 - 22:40 by 1 other user
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US$20 for referrer and referee.
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Hi all members. Sorry i am a late one here but can someone urgently help me by confirming if i can sign up for trial / free version first & download reports & know how many transactions are there and then accordingly choose the subscription package?? In this manner, will i still be eligible to get the 50% discount ??
I tried reaching out to Koinly but they will take 2 days to reply and i dont have this much time to wait due to this offer expiring. I will be really grateful if someone can please assist. Thank you so much!!
does this work well for aussie based crypto folks? Its my First year staking and doing some swing/day trading.
I think it works well if you only use 1 site for day trading.
Just be careful as I couldnt find anywhere in their T&C that they wont sell your info or give it to the tax man. Would like to be proven wrong :)I use over 25 wallets/exchanges with over 500 transactions across them and works surprisingly well, especially if pulling data from API. Even complex stuff like swaps where purchase history linked to a different wallet/exchange. The only ones I needed to fix are the ones I had to upload CSV files for.
Yep. Last year was a mess for me. Private wallets, exchanges all over the place. Koinly pulled it all in via APIs and I was really surprised at how well it tracked all the buys/sells/transfers.
Only one or two things I had to manually fix, but even that is easy with how it's displayed on the screen.
Did you find out if they provide info to ATO? I want to use it to see how it compares to doing it manually.
@kuruptz: Not sure what you mean by this - Koinly calculates your tax obligations, but it's up to you to provide those numbers to the ATO. Koinly can't submit your tax return, for obvious reasons.
Hi Owner of this deal. I am a first timer here for this type of Crypto Tax Report. Can you please confirm if i can sign up on free plan on Koinly and download all data & check the number of transactions and later upgrade it to a paid plan to get the Tax Report according to the transaction records and chose the rate plan and still avail the 50% coupon deal ? OR if i have signed up on Free Plan once, then later i cannot upgrade and avail the deal ? I would really appreciate if you can let me know ASAP. Thank you so much.
can i purchase a plan and then import all my transactions after?
Can import up to 10k transactions for free before buying a plan. Buying a plan is used to generate the report
forgive a noob never having stocks to make a tax report on, would I submit the report as is to the ATO when doing my tax return? Or if I'm getting an accountant to do my taxes can i also just send the report to em
The report has everything you need to file it yourself, provided the information you're importing is accurate. Having an accountant look over it wouldn't hurt but not compulsory
For general crypto usage / hobby trading, you would likely just need to declare capital gains for any sales of crypto (Note that ATO treats crypto to crypto conversions as a sale of original crypto & purchase of new crypto, so will be a CGT event even though you never converted it to fiat.)
The paid koinly reports calculate this CGT value for you & Takes into account cgt discount if asset held for 12months before selling.
Koinly provides a summary but I have requested to see the detail (or transaction by transaction) because I have a client receiving crypto as payment for their work online. Whilst Koinly produces the report the ultimate responsibility is yours because you allocate the transaction as an income transaction, capital gains transaction, or in some cases both. The ATO has already issued over 100,000 letters to people who have dabbled in Crypto and have not reported it. Do not be fooled by the personal use asset exemption on the ATO website. In discussion with the ATO they say that there is now very limited circumstances to claim crypto as a personal use asset and they drew a rough line in the sand that anyone getting involved with crypto post 2012 will now be an investor or a trader and cannot claim the personal use asset exemption. To be safe you would be best to find an accountant who understands the treatment of crypto so they can review your transactions to ensure you are reporting it correctly. It is very easy to make a mistake due to the various ways crypto can be earned or received. The capital gains reporting can be a nightmare, especially if you’re constantly swapping crypto currencies. For example going from XBT to ETH to USDC triggers multiple capital gains transactions. It’s like saying you will buy BHP and then sell it and buy CBA and then sell CBA and buy TLS. Each exchange creates a capital gains tax transaction. Each exchange also has gas (fees in English) that are charged and you need to be able to adjust for the gas and other charges. Disclaimer: Not advice, general information only, see your tax agent and get it right the first time.
I was advised by my accountant to send him the crypto file as he does not have the software - there is a cost involved. I tried to snapshot the report as you cannot generate a report without ourchasing the software
@rehan770: I think you may be better off buying the report/software. The reason being the amount of time your accountant is going to stuff around unzipping and sorting the data will cost you more. I think Koinly costs about $150 a year vs your accountant charging a few hundred per hour and if they don’t know what they are doing with the crypto file you will pay for them to learn. They will also have to match up every one your transactions with the exchange rate from Crypto to FIAT currency regardless of whether you converted it. Then there is the issue of whether they are using a valid ATO approved exchange rate. It’s a lot of work and cheaper to let someone’s software do the calculations for you than to have your accountant mess around with an excel spreadsheet which is open to errors such as incorrect formulas or totals not balancing. If they don’t know fees and charges relating to crypto then they may also not know where to pick up these charges because these are not always easily seen. There are a few providers of ATO tax compliant crypto calculators. It doesn’t have to be Koinly. I would suggest if your accountant is going to do this on a spreadsheet and you have a few hundred or more transactions it’s going to cost you more than what the software providers charge. Don’t forget the cost of the report is also tax deductible.
@ibuy: @ibuy: Thanks, well I used the free version and I paid ATO nearly $600 just for crypto and my yearly returns have been insane about $1500 including crypto after only earnings of 33k for the whole year from my ABN, definitely something wrong I assume. I tried discussing this with ATO but they don't give a shit.
definitely something wrong I assume.
tried discussing this with ATO but they don't give a shit.
You need to discuss this with your accountant. Submitting your own taxes without fully understanding what you are submitting and why, is complete madness 🤷♂️
@rehan770: Find another accountant that understands crypto. Ask for a quote on the job. This will tell you if the rate you are paying to have your return done is realistic. Note that all crypto tax reporting websites do not claim responsibility for tax being correctly calculated and you will need to see a tax agent to review it which would cost much less than the tax agent having to do the calculations and then review the work done
I'm using Cryptotaxcalculator. Anyone confirm which is better for Australians?
Both have support for Australia so just compare their features and pick what best suits your needs.
CryptoTaxCalculator is pretty good. I have put several feature requests in and they introduced most of the stuff I’ve fed back and seem to be constantly improving it. They also seem to have a good focus on and awareness of ICT security which I can’t say for other major apps handling sensitive financial info (like pocketbook for example).
Currently using:
- Cryptotaxcalculator
- Koinly
- cointracker.io, AND
- cryptotrader.tax / coinledger.ioordered by preference.
cointracker.io is the only one that STILL hasn't tracked my Staking rewards on Swyftx
Koinly allows you to see a rough report & Capital gains for free though, which the other 3 doesn't.
Do any of these support Terra Station wallet ?
You and me both mate - I haven't found one yet..
Nobody wants to earn 19.5% on anchor simply holding UST.
Let me know when you find one, I've been looking and hopeful someone does by 31 Oct
@Cheequee: Nice. I didn't know that, maybe I'll split my deposit.
What's the benefit of avax vs terra?
I found a manual workaround until we have an automated integration with the Terra Station Wallet!
Went to https://stake.tax/
Selected Luna as the Crypto entered my public address from Terra station wallet
Clicked on Open CSV. IT had all the records. Clicked on Download CSV and chose Koinly’s CSV format!
Created Custom Wallet in Koinly named Terra and imported the CSV.
I have found a work around, but you have to upload them manually.
Go Here: https://stake.tax/
Then upload manually, make sure to update it before the tax season.
I'm just browsing to suss out whether I should move from Koinly to CryptoTaxCalculator
But in case you guys didn't know, both support Terra Station now.
Hi buddy. How does Crypto.com Free Tax Report rank in your view ? Thank you mate.
+1 cryptotaxcalc hanging out for after June 30 when they hopefully will do another sale on 1 year plan
dont recommend crypto tax calculator, buggy and inaccurate.
seemed to work ok for me last financial year - although i did literally hundreds of trades, they were only across the big exchanges.
just keep all crypto in a hardware wallet like ledger or trezor, then no need to file taxes ;)
What good is holding currency you can't spend on anything? Not many retailers will accept crypto payments.
Hodl, borrow against the gain and spend.
Started in May 21. I have no gain from everything I've hodled.
Haven't given up on the crypto, but realise hodling doesn't apply to much of Crypto at all.
I've got Cake locked away earning a high APY..but it's value has halved..so gone backwards. Plus a tax bill I think. Also lucky enough to be involved in the PCB and Polly exploit hack.
I think ZIL almost broke even the other day, but has now dropped again.Started in May 21. I have no gain from everything I've hodled.
You should've DCA.
You would've been up +1.02% if you DCA $25 p/w from May 01 2021 to April 01 2022.
https://www.dca-cc.com/dca/bitcoin?investment=25&investmentI…Or +1.29% if you DCA $100 p/m from May 01 2021 to April 01 2022.
https://www.dca-cc.com/dca/bitcoin?investment=100&investment…You check DCA with Ether and the other alts.
@rektrading: Risk : Return of Crypto for 1.29%?
Super, bank stocks and property looked more appealing.
Still watching the space, but waiting for a decent crash this time. In the 4 year cycle…it's surely well due?
Risk : Return of Crypto for 1.29%?
Crypto trading 101 > buy dips and sell rips.
You did the opposite, FOMO in May 2021 and bought the top. You had the opportunity to close the trade at the 2nd top in Nov 2021. You didn't.
You've three options now.
1, HODL and wait for a higher high.
2, DCA and bring the exit lower.
3, Cash out and claim a loss.@rektrading: Wasn't really fomo.. Basically lost my job and was looking for an alternate income stream. As it turned out..terrible timing. But at the time with Covid i figured people werent going to be travelling or going out, so disposable income would get dumped into crypto. Turns out most went to the ASX.
As for November, only Eth got close to being equal..SOL was profitable (i did sell) and others still havent found there way back to parity. Not even close. So option 1.
BTC is something I see that HODL applies to (almost exclusively). Maybe LUNA, still un decided as ive seen what happens to a coin when a hacker gets to it.
Anyway, waiting patiently this time. The next block reward halving in 2024 I guess?
@rektrading: Yeah I got in in Nov 2021 and luckily didn't put heaps into BTC. Have been DCA-ing so now my cost basis has gone from 89K to 61K.
Steadily but surely moving it down and just got back in the green the last few weeks. Pays off eventually.
@tunzafun001: How have you got a tax bill when you say you have no gain.
If a loss, offset against other appreciating assets.
@freeman61: Staking is taxable as 'income', not like my trades which would be capital loses.
As for my losses due to hacks. I assume capital losses.
So even though ive made a loss, each minted coin via staking is a 'gain' and tax is payable.
But im thinking a Koinly report is going to cost me $100 to show $10 in staking income?
I guess i run the gauntlet and let the ATO chase me for $10. But
@tunzafun001: That is because you are randomly choosing coins with no use case. Buy Ethereum, look into Thorchain, and hodl
@Enterz: Use case is still debatable. But I know what you mean. I tried… I went with ADA, SOL, ETH, Matic, ZIL, DOT. Then a couple of highly rated Defi pools. PCB was a Binance award winner and Cake is up there in the Defi world.
Still got flogged. If I bought the same portfolio 2 months later, I'd be doing ok.
Sadly, one of my best returns has been HODL token. Absolute poo coin, but just wanted to see how much social traction plays in Crypto. Bought $2 worth.. sold for $100 by the end of the day.
What I do know is Crypto as we know it today won't be adopted by the mainstream. It's not user friendly, and way too complicated across chains/ protocols. The big boys aren't playing yet and even the name 'crypto' has to go. Digital or Decentralised currency…crypto just sounds like a joke. If/ when it is adopted mainstream, 99% of what we are seeing now will be worth $0. So Hodling.. everything …not sure about that. BTC, which seems like an agreed version of digital gold is probably the only thing I'd say HODL..
Wirex visa card is an easy way to spend crypto. Its just debits it and converts to whatever currency is needed. 4% crypto back is nice too.
…but the point is you can't use Wirex (or any other service) to spend your Crypto if you're trying to hide it from the tax man.
As soon as ATO ask Wirex for data, you'll be screwed.
Doesn't stack with referral code - it's one or the other.
Thanks. Edited OP
How does this compare to crypto.com's free tax calculator
uses a heap of other exchanges and wallets
Thanks saved me $90 usd
Lucky I am just hodling my 2016-2017 Bitcorns and Eth bags. Should have sold some bitcorn for dog coins but damn tax. Will sell when BTC $180k and Eth $12k next cycle. Need to retire in my 30's, hate working so will pay the tax and buy the freedom. Unless I lose my Crypto in a boating accident and have to move to South America.
Need to retire in my 30's, hate working so will pay the tax and buy the freedom.
You can quit your job, take your cold wallet and move to Portugal, El Salvador or Mexico before you sell.
Living tax-free is freedom.
You most likely get kidnapped there though…
kidnapped
Yes, of course, if you like to walk around with the word "I've Bitcoin" tattooed on your forehead.
Nobody knows that you've Bitcoin unless you tell them and if you do then you deserve to get rekt.
Don't be one of the plebs that flash their bling on social media.
https://nypost.com/2022/03/26/tourist-shot-in-nyc-over-six-f…
https://www.dailymail.co.uk/news/article-10631737/amp/Touris…
How long must you stay in Portugal lol
It's very nice there. Why would anyone want to leave?
@rektrading: I’d prefer to keep my options open. I’m genuinely asking because I thought this was a bit of a meme, but is it practical option?
@chriise: People can drive to 🇪🇸 and the rest of Europe.
People can fly from 🇵🇹 to 🇲🇽 or 🇸🇻 without having to deal with vaxx 🛃.
This may be of interest.
https://youtube.com/playlist?list=PLjSfwlM7JzdYB7QhcBHzNMsrQ…@rektrading: That’s interesting but I don’t understand how that answers my question…
I can’t take a 2 week vacation and cash out. Do you need to move permanently? Is there a min 2 year stay before you can cash out, or after? Or is it actually just a meme.@chriise: If you are young enough and preferably single, you can restart a new life in a different country quite easily.
@dreamscene: It only takes a few million to start a new life in a tax-free country.
Anyone with a house in the city in Australia can easily get between $500,000 to $1M in this market. Add some stonks, gold, pension, digital assets, cars, personal electronics, etc, and you'll be all set for a new life in a cheaper and better life in a new country.
BTC limit supply vs Eth unlimited.
I know which 1 I would bet on if forced .
And unlucky me with the crap I do have no choice but Eth .
You won't be saying that after Eth merge
What if my transactions exceed in the coming months till June end?
You can upgrade the plan by paying the difference. Might be cheaper to just buy the next tier with the current discount code if you anticipate you might reach it
When they say "xx transactions" do they mean manual transactions?
There would be 100's of automated staking reward type transactions for services which pay out daily
interest counted as transactions, which is pretty aids
tho you can try it first before you buy that is a nice feature
Yep, I just synced my Binance account… 1700 transactions…
has anyone tried these systems with NFT's?
or does anyone have any recommended apps?Has anyone found one of these services that does the Terra/Luna defi environment? They all seem to do Central exchanges and Ethereum really well, but can't find one for Terra. I'm going to have a painful time this year without using one..
If you mean how to get all your transaction info, then try stake.tax (URL address). It’s brilliant and free. I believe it supports other networks too. I used it to do my tax return last year for Terra. just a matter of exporting the file with transactions and then uploading straight into Koinly. It supports other crypto tax platform too.
This. stake.tax is great for Terra.
Awesome - thanks for that
What this do
Takes all crypto transactions and generates a report for your tax declaration
So lost a bit on pancake swap hack / exploit.
They gave out alternate compensation coin/s, that are now worth nothingI've lost about $1000 in that. I spent another $500 on some Defi (Cake, Apeswap..that have basically halved, but returned around 50% apy). Another $500 staking Ada,Eth, Matic on Binance.
What will Koinly show me? And how much does it cost?
What hack. How did it work? Don't they need your seed phase?
LoL
it's more of a exploit of blind signing function on the pancake swap.
Do you guys think that crypto tax calc would see a coupon code in the coming months?
How would something like this work with staking rewards?
It depends on the site, I tried it a while back and it was fine with staking on say Binance, but for defi staking (especially staking LP tokens) it wasn't giving me the right info. That was a while ago though, I might generate the report and see what it says then go from there.
50% off! Sounds like the whole crypto market at the moment!
-50% is when people should buy.
thanks for this just paid for next years plain. Koinly is awesome if you want to track everything accurately. i tried out many other options and this i thought was the best. There are some things it does not do but they are constantly making updates.
+1 for Koinly, only downside was that conversions don't track (AUD to USDT etc ). It does get pricey as I had over 140k transactions. I had many "missing purchase history" so you need to backtrack but customer service fixes it all up. API could improve but I think it's the exchanges who make it difficult.
Anyone know how tax works on a NFT eg bought $100 gets a token drop so I now have a token and NFT value differently . I sell one at profit or loss for X amount but I still are holding the other 1 worth X amount .
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i just signed up literally minutes before this big oof