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
Lucille Bluth on 06/04/2022 - 19:18 koinly.io (3191 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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i dont know about this, if you claim rewards or receive and nft the value at market price that day would be classified as a reward and income so you pay tax on it upfront and then when you sell it you pay tax on the increase.
A real life example I paid USD$44 for a NFT . It got a token drop and that on the market is worth $60 and the NFT is worth $15 . I could sell one or the other . Only if I sell both I know exactly what profit is going to be made or loss if they both collapse .
@popsiee: How does it work if you were the creator of NFT.
Say I made 100 NTFs and sold them all and made 10 ETH. Then pulled that 10 ETH into AUD. Is that at CGT event?
EDIT: nvm
Found article: https://community.ato.gov.au/s/question/a0J9s0000001IKPEA2/p…
I get unsolicited airdrops almost every day.
I don't know their value and have no interest in selling them. They'll stay in the wallet forever after I discard the wallet.
Vitalik was airdropped $1B SHIB, unsolicited. He doesn't have to pay taxes unless he sells them.
The is no legal case for the tax office to claim that unsolicited airdrops are income.
@rektrading: My drops / tokens are worth like USD$70 average or the like on my targeted NFT's .
Not that penny crap that comes along all the time .@popsiee: CMC says that the unsolicited airdrops that are in the wallet are "worth" $10,000s.
I won't be doing anything with them other than burn the key so that they can never be moved.
@rektrading: Airdrops are income.
But there's a difference between scam airdrops and real airdrops.
With real airdrops there's a market/liquidity for those coins so you can buy/sell them. Where as with scam airdrops they are usually trying to phish for your private key etc.
@SeVeN11: There are no taxes on unsolicited airdrops.
People that insist on paying it deserve to pay more taxes.
@rektrading: Do you have reference to this from ATO?
The word "unsolicited" is quite subjective especially if there is real value and more importantly exit liquidity in the airdrop.
@SeVeN11: To the best of my knowledge, there hasn't been a legal case where the tax office has forced an individual to pay taxes on unsolicited airpdrops.
@rektrading: Erm, I suggest you go and get yourself a private ruling from the ATO if that's the position you want to hold.
You don't just get to decide what is and is not income, based on whether there has been a legal case or not 😁
There are no taxes on unsolicited airdrops.
Please don't post definitive statements like this unless you can back them up - crypto tax is already a minefield, and you're just adding to the confusion by stating your opinion as fact.
@Nom: Your suggestion is duly noted.
I stand by my post. Here is a repeat just in case someone missed it the first time.
There are no taxes on unsolicited airdrops.
People that insist on paying it deserve to pay more taxes.
private ruling
Btw Private rulings doesn't help the industry. It only helps the tax office rip off users.
Users with deep pockets should do what Joshua Jarrett did to the IRS.
Mar 7, 2022,09:51am EST
Crypto Couple’s Victory Against The IRS Comes At The Cost Of Regulatory Clarity
https://www.forbes.com/sites/shehanchandrasekera/2022/03/07/…What Happened
In May 2021, a Tennessee couple, Joshua Jarrett & Jessica Jarrett (Jarretts), filed a complaint with the IRS arguing that Tezos staking rewards they earned should not be taxed at the time of receipt. The couple requested a tax refund of $3,793 by filing an amended tax return.In December 2021, the US Department of Justice directed the IRS to issue the full refund. The Jarretts refused to accept the refund because the IRS didn’t acknowledge the true reasoning for issuing the refund. This reasoning was essential to create a precedent for other stakers and protect himself from IRS scrutiny in the future. The Jarretts decided to take this to the court to get a formal court ruling.
Jokes on them. No need to pay tax if you haven't made any money. Buy high, sell low. That's my motto.
You do if you get staking income, rewards or airdrop, those are classified as income and it's separate to CGT.
So it's very possible to pay tax and lose money… Like I did last year.
Ouch that sucks, mate.
But claim as capital loss the following year?
… is there any legislation for the ATO rules?
It appears that for my noob decimal oriented crypto holdings, the free should suffice. Can someone tell me why I would need the next tier please?
Tax features seem to be US centric. Happy to be corrected.Tax features seem to be US centric.
It does also generate Tax Reports according to what ATO requires.
It works out the below as relevant to your crypto activity with a paid plan:
- Capital gains / P&L
- Other gains (futures, derivatives etc)
- Income
- Costs & expenses
- Gifts, donations & lost coins
It is extremely handy and generate the reports for you.
Thank you very much.
The free tier only gives you the total numbers of CGT / Income / etc.
You need the paid report to see which transactions are actually in each category - if you're just using the free plan, there's no way to see that you have mistakenly got a bunch of BTC classed wrongly as Income for example.
You need the paid reports to validate the numbers.
There are 2 Koinly accounts in this house, we paid for FY 22-23 a few weeks ago when they had the 30% sale. Already paid up for this FY. I did have a lot of referral credits on one of the accounts though, so that did help take the edge off a bit.
Argh :-(
I've read multiple complaints from crypto.com users that koinly is mis-categorising the visa card cashback as income. can anyone confirm this?
All sorts of things occasionally get mis-categorised based on a large number of variables - you need to go through your data and fix it regularly.
Edit
Does Koinly export the report per wallet address?
No, it can't do this because all your wallet addressees contribute as one to your total tax obligation.
There's no way to restrict any part of the process to a single wallet - because without the matching transactions from your other wallets, Koinly has no way to know which coins moving between wallets are just your coins moving, and which are trades/purchases/sales/airdrops/whatever.
I've been looking at Crypto Tax software for a while. My problem is that I use trading bots which generate a lot of small trades. I also have SMSF accounts and personal accounts so will need 2 separate apps. The SMSF Binance account has already generated 80,000 transaction this year (I started in October) so Koinly will so far cost about $AUD750 with the 50% off. Not too bad but I'm currently trying out cryptotrader.tax which is just $US299 per tax year for unlimited transactions. Sounds too good to be true but I'm keeping my fingers crossed that it will do the job. Has anyone else tried that one?
If the ATO can find out what I should be paying…then just tell me, and I'll pay it!
Amazing thanks, literally saved hundreds of dollars
This was a really great deal!
@panadol520
completly unrelated but could you please dm regarding this thread https://www.ozbargain.com.au/node/557516/comments as its locked and you have dms turned off
'You'll need your API details to continue'
API key —-
API secret—-This is the information Koinly ask for. Wonder how safe is it to provide those details?
You only need to provide read access. Don't give trading or withdrawal permissions.
I have over 40 APIs setup through multiple wallets and exchanges. It's safe.
The alternative is for you to upload manual CSVs to Koinly if you would prefer that. But will take a longer time I would imagine setting it up and cleaning everything up if you have heaps of wallets. If you only have say 1-3 then it shouldn't be a major pain.
How do I ensure read only access. Sorry bit new to the game so unsure how it all works.
Depends what exchange you use. When you setup the API Key you will be presented with the information on what to share. Koiinly when you try to add the wallet would also provide info on what to share. What exchange do you use?
I have over 40 APIs setup through multiple wallets and exchanges. It's safe.
The funds are SAFU but your information isn't.
All the APIs now have access to your information. This information will eventually get leaked onto the Internet when they get hacked and scammer starts targeting you. 270,000 Ledger users know how it feels to be targeted by scammers.
thanks, OP
code is still active, thanks OP
Thanks, I have unexpired it. Glad it worked
I want to know if i register and buy a plan today!! Will i also be eligible to print the report for 20/21??
The FAQs are bit unclear!! I want to know if i buy the plan will it be eligible for both 20/21 & 21/22 (year ending 30/6/22) well??
If someone can clarify it will be a great help!!
As per the other software crypto tax calculator they mention 1 fees for all previous years as well.
No. You only buy a plan for the financial year your purchase
@Lucille Bluth: So when making the payment i need to select the last year!! Then it will allow me to prints last years tax reports?
Btw thanks for the response!!
Any possibility that you can make it work again please?
@cute as ducks
I don't work for Koinly.
Awesome code!!
code is expired
Unfortunately =( I had to use SWYF20 for 20% off instead
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You don't record any profit/loss until you sell.