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30% off Crypto Tax Reports @ Koinly

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30% off Crypto Tax Reports @ Koinly
Go to Deal
Lucille Bluth on 29/12/2024 - 16:42 koinly.io (802 clicks)
Last edited 29/12/2024 - 16:42
EOYSALE24

It is a generic code for both new and existing users that appeared when I logged in. No idea when it ends.

Within the last few days, Koinly also added 2025/2026 tax plans which I went ahead and pre-paid for two of my accounts (personal account and SMSF).

For those who are unfamiliar, Koinly is a cryptocurrency tax software that helps you manage and automate your crypto taxes, and is also a very valuable portfolio tracking instrument. It allows you to download ATO Reports and keep track of your gains and losses (realised and unrealised). All my trades are synced via API from the exchanges I use.

Don't forget to sign up using the referral system below to get another US$20.

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Financial Cryptocurrency Software Tax Accounting Tax Calculator Tax Software

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Comments

    • Lucille Bluth on 29/12/2024 - 17:50
      +9

      Lol crypto is done precisely to avoid tax.

      Because I'm not a tax evader. And I have an SMSF as I stated.

      Good luck avoiding paying taxes when cashing out to a bank without it being reported to the ATO. This isn't 2014.

      Why would I not only pay for this, but also allow it to track me?

      You don't want to be tracked, but you are happy to announce to the world on a public website you are a tax evader. Interesting logic.

    • Viospeed on 30/12/2024 - 01:24

      How much have you made? I dont think the ATO is going to notice a few grand in profit but if you're trying to hide tens of thousands plus then you are asking for trouble.

  • DotDamo on 29/12/2024 - 19:09
    +1

    The message now says "deal expires midnight!"

    And thanks, was able to get a discount on our accounts.

  • baz man on 29/12/2024 - 19:28
    +4

    Been cashing out my crypto in my native country as I still have a bank account there - probably the best way to avoid high tax here as most exchange need hard KYC here

    • Bugleboi on 29/12/2024 - 21:09
      +2

      Thats my exit plan too.
      Then wear 10 rolex, 5 on each arm otw here to AU

    • Gold3npanda on 30/12/2024 - 20:58

      If you're considered an Australian resident for tax purposes you need to pay tax on worldwide income (in most cases). You don't get to choose which country to pay the tax in.

      You can be Australian resident for tax purposes without being an Australian permanent resident.

      Better to check to be safe.

  • Jimothy Wongingtons on 29/12/2024 - 19:35
    +3

    Yall made profits? 🥹😭

    I bought another year of cryptotaxcalc instead (only as I was too lazy to set up koinly) - in anticipation of exiting totally by December… then it all crashed sigh

    • BoltThrower on 29/12/2024 - 21:10
      +4

      For USA, Tax-loss Harvesting is usually performed in December as their new financial year is Jan 1. Others want to be flat on leveraged positions for a less stressful holiday.

    • Jaymac on 30/12/2024 - 08:07

      I've been using Crypto Tax Calculator for years, it would be hard to start again with different software and have to upload all previous transactions again. I know some have APIs, but a lot of wallets/exchanges don't and require manual CSV upload.

  • chubbs31 on 29/12/2024 - 19:56
    +1

    done bought the 2025/26 plan in advance , hodler 1,000 transactions

  • mr_asstight on 29/12/2024 - 21:09

    Don't think the ATO has the competency to know how to even calculate crypto CGT

    • AuQld on 29/12/2024 - 21:59
      +2

      When they asked where did it go, sorry got scammed 🤷🏼.

  • MonkAndFruit on 29/12/2024 - 23:27

    Does this account for transactions in decentralized exchanges as well? Didn't make any profits but quite a bit of losses. Think I need to report nevertheless.

    • bonezAU on 29/12/2024 - 23:57

      yes

    • Jimothy Wongingtons on 30/12/2024 - 08:22
      +1

      Your losses carry forward for when you do have some cgt to offset

  • elongatedmuskrat on 30/12/2024 - 01:01
    +2

    There’s always money in the banana stand 😉

  • FR3D99 on 30/12/2024 - 02:19

    I've never cashed out crypto - Will probably do it soon, I only have a handful of trades from this year but >100 overall. Can I get away with buying the newbie plan or because I've got over 100 lifetime trades I need to get the hodler plan? Or is it only about what trades I made this year that matter. I'm a little confused on the subject haha

    • frenzalanimation on 30/12/2024 - 08:02
      +1

      My understanding is that the total trades stack. You’d need to buy the larger plan or 2 years of the basic. Eg FY25 and FY24. You need to have purchased enough to cover trades up to end of current year. I don’t think future trades count toward past years but could be wrong.

      • FR3D99 on 31/12/2024 - 01:53

        Appreciate that, looking at the idea of buying FY25 and FY24 basic then.

  • czau on 30/12/2024 - 09:45

    How does it deal with mined crypto?
    I've never bought crypto only mined and exchanged on poly network.

  • wanj on 30/12/2024 - 09:51

    LOL, why would you cash out your crypto at a bank or CEX?

    The whole point of holding cryptocurrencies is to retain control over your assets and bypass traditional banking intermediaries. Instead of selling your digital currency through a bank, you can transfer it via cold storage directly to someone else in exchange for something of value, whether that’s cash, goods, or services. By conducting peer-to-peer transactions and using decentralised networks, you stay true to the original intent of crypto: maintaining autonomy and security without depending on conventional financial institutions.

    There are soooooooooooooo many other choices than a bank or CEX like Coinbase etc.

    Treating crypto like shares, commodities or fiat currency is STUPID.

    This is how crypto mining is treated by the Tax Office: https://www.ato.gov.au/businesses-and-organisations/income-d…

  • Cleremy on 30/12/2024 - 11:14

    The official extortion racket even wants a cut of your crypto…

    • foxinsox8 on 30/12/2024 - 15:10

      Extortion racket. Pfft. Thanks for voting yourself out of society. Please hand in your Medicare card.

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