Australian Exchange Platform Teamed Up With Crypto Tax Startup to Assist Clients’ Tax Reporting

By Daniel T. | July 17, 2020

Major crypto exchange platforms from Australia – Coinjar, Cointree and Swyftx – have reportedly teamed up with Koinly, for a tracking solution of their customers’ tax obligations.

Specifically, Koinly – a firm specialised in Crypto taxation solutions – have reportedly revealed details regarding ít collaboration with the Australia-based crypto trio, to help make their clients’ tax reporting process simpler. 

Coinjar, Cointree and Swyftx will reportedly be integrating support for Koinly starting July 29th, enabling feed trading data automation to Koinly for their clients, through csv or API, as well as access detailed capital gains reports.

“Even though there is a lot of guidance around cryptocurrency taxes, it is simply too difficult to calculate taxes by hand especially if you traded on multiple exchanges,” Koinly founder Robin Singh reportedly remarked. 

The initiative was reportedly carried out after the Australian Taxation Office issued letters to 350,000 local citizens associating with crypto assets trading, to remind them to fulfill their tax duties in March. 

The ATO reportedly predicted that up to one million Australian citizens are reportedly dealing with crypto – made up 4% of the nation’s total population. 

“We have seen a surge of Australian users on our platform in recent months and a lot of them trade on these exchanges. Likewise the exchanges are also getting a lot of users with questions about taxes. Our partnerships enable us to work together to solve a common regulatory hurdle and make it easier for the regular crypto investor to continue trading without getting caught up in a tax hell,“ Singh further remarked.

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