First time post …
https://koinly.io/
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Use coupon code BLITZ007 to receive a 15% discount on any new tax reports. This discount can be used unlimited number of times until expiry!
I paid the USD 99 for Tax report and received the coupon …. still valid for 20:30 hours (of 24 hrs) … which should work till 17:30 on 25 July. There is another post with 20% but did not work for me.
Hope it helps someone
US$20 for referrer and referee.
so they wont care if i over declare my gains? it wont come back to haunt me?
Why would they care you're paying more
@Jimothy Wongingtons: that was my thought as well so may just stick with that way i know i am covered.
Anyone know why transaction fees from the exchange aren't showing up on koinly ?
Can it deal with defi auto compounding Lps like Beefy?
For people that have to pay CG on digital assets.
Why do you sell your assets?
Why don't you lend it out, use it as collateral and borrow against it?
No disposal = no CG.
If you are lending it out for profit that is a taxable event as well and needs to be declared as income.
It's probably the same company
I've been using both (and cointracker) to see who does a better job - I have been swaying towards Cryptotax because Koinly is a bit chunky, but they're so close (like different UI themes) that I suspect as Korban says, it's the same company or one copied the other. Cryptotax are recommended by CoinSpot, Koinly by Binance, but the syncs to each I find pretty much the same on both.
About a month ago cryptotax changed their server tokens to expire after 12 hours or something which is pretty annoying - you'll still be logged in but see nothing until logging out and back in again.
Haven't bought either yet, not happy enough. Still looking around, watching both, and slowly working on my own so I can handle Shares automatically as well.
If your crypto tax records are all over the place and you haven't declared anything historically, these kind of tools are most likely not the best place to start. Probably the best thing you can do is to get your historical records all square by using a crypto tax specialist - they can help you work out/deem previous liabilities, and help you to keep records and stay compliant into the future.
Once you're "square", these kind of tools will help you stay that way.
As others have mentioned, the ATO most likely knows you trade. Please don't kid yourself that they don't.
Any ideas on a crypto tax specialist ? Working out my trades is going to be an absolute nightmare as some exchanges I used don't even exist anymore. Overall I lost quite a lot of money but I'm avoiding doing my tax returns as this is just so overwhelming.
Surprised people think ATO wouldn't know about exchanges, it has a agreement to share tax info with USA. USA is known for spying on every tax haven on earth, it does this so sanctioned people cant hide money.
You think USA would allow NK and Russian's to hide in popular exchanges.
They emailed me a unique code and got 20% off. They are pretty expensive though I think. I had around 1900 trades and I think cost me 143 USD
How the tide has turned, I remember when the majority of OZB shat all over crypto investors. Quite unpleasant to discuss here in the forums - now we have crypto deals dropping & showing on the FP?!? Hell yeah!
Tip - look at the crypto based games like ILV - SKILL - AXS - lots of room and already performed amazingly.
Like it or not covid remains an issue and now people can earn money grinding / trading within games. Just makes me think there's more adoption once the eaze of access arrives.
Don't exchanges like Swyftx or Binance or Zipmex provide tax report for the financial year by their own? Do we need a 3rd party platform?
You don't "need" them but if you make a lot of transactions during the FY, a website like Koinly can sift through them all and make it a lot easier to manage.
If you buy XXX with BTC because it can't be bought with AUD, then sell the XXX back to BTC, the exchanges aren't going to estimate the AUD value of the XXX at each transaction that you'll need to know for your CGT.
This is the most important thing these crypto trackers do IMO, even if it is is just an approximation given there's no true AUD value of BTC.
Is there a tax event when you move your ETH into another wallet of yours, not withdrawaling? (I.e. moving ETH from Coinbase to Binance)
You can move to your own wallet without incurring CGT.
Thanks mate. I am assuming moving to another person’s wallet incurs CGT then?
Yeah, it's any time the underlying asset is changed or ownership is transferred - even if gifting it.
CGT is triggered when you 'lose control'.
The moment you 'lose control', that's a CGT event.
If both wallets are within your 'control',
then moving it between wallets,
would not trigger a CGT event.
Looking at my Binance order list, half are missing.
I then looked at my wallet transactions on BSC scan. Interesting to see a few charges for transactions that didn't go through on PCS.
Any good historical websites to easily convert my wallet transactions (ie AUD to BNB 5/6/21 11am, then BNB to Cake on 5/6/21 3pm) into AUD values?
Also how do your report staking (as as gain or loss?) if for example, you stake coin A - value $10 for say a year at 10%. At the end of the year the total coins value is $8.
So you have increased your holdings by 10%, but it's AuD value is down 10%?
Loss or gain?
It’s got nothing to do with the value of the stake, it’s the dividends you receive that is taxable.
It's a big mess, binance doesn't have all the record on the api, I had to import them in from csv.
My koinly fee + accountant fee is going to more than offset my staking income and then I add the capital losses which God knows when I'll get back.
Morale of story. Don't get into crypto unless you want to invest at least 30-50k to offset these 'operating costs' or stop buying/selling so often.
How accurate these reports are?
My Tax agent calculated from Coinspot csv file (culculated sell minus buy) and said 4x profit compare to Koinly report (Free report)?
Actually I didn't make any profit and from 2017 I didn't draw any amount from the coinspot account to my bank account.
Is my tax agent is calculating wrongly or shall I purchase full Koinly report?
I would recommend moving away from CoinSpot. The spreads and fees are terrible. An example, if buying 1 BTC on CoinSpot, you would pay an extra approx $1,000 due to fees and the terrible spread whilst Binance would be approx $100 last time I calculated it.
So i played around with crypto back in 2018. Used Binance to buy some alt coins with etherium. Only now i realize trading between coins is a taxable event.
Anyway I sort of got over the crypto craze of 2018 after a month or so, and held onto them. Sold most of them earlier this year when i was back to even (or maybe slight profits). According to koinly when I import my transactions from Binance and BTC Markets, my capital gain for each financial year since 2017/18 is has been negative (sum total roughly $200 loss), with $4 "profit" in 20/21 FY. So a couple questions….
You can do amended tax returns for previous years, but that $200 loss only saves you about $70 in tax depending on your marginal tax rate - not worth the time.
I'd declare the $4 gain though this year, just giving the accountant the free report from Koinly or hand write the transactions if required. Not worth paying a year's sub.
I've had them call me up twice because my figures were out by a dollar because ATO forms round off the cents and of course my accounting software doesn't. They're just unskilled clerks who get rated on how many cases they close and if their software indicates an mismatch, you're a case.
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Can someone please articulate the value in paying for the Koinly ATO Report rather than just using the values in the free Summary section? This section appears to provide: Capital gains / P&L, Other gains (futures, derivatives etc.), Income, Costs & expenses, Gifts, donations & lost coins.
i paid for it and the numbers look the same lol, maybe so you have a report with all the records, some people were saying it's tax deductible, not sure how much.
i'll just follow this when i submit, might be info there, i skimmed through it:
https://www.youtube.com/watch?v=f9iZdeMIbTE
I found Koinly price plan has increased, do you noticed?
Now for new Tax plan the 100 Transactions is 49 USD, then 1000 Transactions for 99 USD etc.
I looked at my Invoice for previous years, it is 39.20 USD for 100 Transactions instead.
Could be the typical accounting software lock-in model - offer first year cheap as it will be hard to change software once you've done any manual fixups and classified CGT properly.
Ato: that's unfortunate