Australian crypto users will have access to tax reporting services through Crypto.com

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Cryptocurrency Exchange Crypto.com has launched a free tax reporting service for users based in Australia.

In an announcement today, Crypto.com said it has adapted its existing tax services to crypto users based in the United States and Canada to allow Australians to accurately report cryptocurrencies on their taxes. The exchange said it is working with professional tax advisers to ensure the service complies with cryptocurrency tax filing laws in the country.

Crypto.com allows users to import their crypto transaction records into a tax reporting platform such as TokenTax and generate a report to file with authorities, US Internal Revenue Service, US Agency. Canada Revenue and the Australian Tax Office, or ATO. . The exchange says it offers this service at no cost to users, whether they report gains or losses.

However, crypto users probably need to have accounts in supported exchanges and wallets to provide the authorities with a complete tax record. Crypto.com currently allows users of Coinbase, Kraken, Binance, Binance.US, BitBuy and others to take advantage of the tax reporting service.

Related: Bidens Capital Gains Tax Plan To Mine Crypto From The Moon On Earth?

As in the United States and other countries, Australian authorities regard the liquidation of crypto holdings as a capital gain event in many cases and should be taxed accordingly. However, cryptocurrencies used to pay for goods and services in Australia are not taxed as income as long as the cost is less than AUD 10,000, or around $ 7,340.

In May, the ATO issued a warning for all cryptocurrency users filing taxes in Australia to accurately report any profit. At the time, the government agency said it expected 600,000 Australians who invested in digital assets to file taxes and planned to contact another 400,000 to encourage them to review previously filed tax returns for any discrepancies. .

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