What is CoinJar Exchange
CoinJar Exchange is a digital currency exchange that caters to institutions, market makers and professional traders. CoinJar Exchange operates an open orderbook with transparent fees and low spreads. This make it one of the few locations where you can get direct access to Crypto to AUD markets without having to use a broker as an intermediary.
The benefits of using CoinJar Exchange for Australian investors are:
- Australian based exchange
- Direct access to Crypto to AUD liquidity
- Low fees ≤ 0.10%
CoinJar Exchange has the following tax reports:
- CoinJar Exchange tax statement PDF
- CoinJar Exchange tax CSV
- CoinJar Exchange tax report API
Syla + CoinJar Exchange integration
You can easily calculate the tax outcomes on your CoinJar Exchange account. Two methods are supported to import your data into Syla:
✅ API data-feed
✅ CSV file import
Do you have to pay tax on cryptocurrency?
Ever since the ATO first introduced taxation guidelines for crypto back in 2014 it’s been clear that crypto is taxable. You can also read the most up to date ATO guidelines on crypto.
For most individuals, your crypto will be subject to capital gains tax. This means you must calculate the gain or loss on every transaction and declare the resulting capital gains.
The ATO has advised that Australian taxpayers must keep the following records:
- receipts when you buy, transfer or dispose of crypto assets
- a record of the date of each transaction
- a record of what the transaction is for and who the other party is (this can just be their crypto asset address)
- exchange records
- a record of the value of the crypto asset in Australian dollars at the time of each transaction
How is crypto taxed on CoinJar Exchange
The type and amount of tax paid can vary depending on the transaction, asset type and your tax settings. In general, your trading activity on CoinJar Exchange may be taxed as capital gains, or as ordinary income from a trading activity.
All events involving cryptocurrency assets may result in acquisitions or disposals of a CGT asset.
As we all know, crypto tax is complicated, which is why most tax professionals recommend using crypto tax software to automate the tax calculations for you. That way you won’t make mistakes that could trigger an ATO audit.
If you want to know more about the different tax treatments, you can find detailed information in our ultimate crypto tax guide.
Does CoinJar Exchange report transactions to the ATO
CoinJar Exchange is a registered Digital Currency Exchange (DCE) with AUSTRAC. As an AUSTRAC registered DCE, CoinJar Exchange must perform KYC and know the identity of their customers. This is important for preventing scammers and criminal activity.
Since 2019 the ATO has been operating a data sharing program with Australian Digital Currency Exchanges. Under the data sharing program, the digital currency exchange must provide transaction data of their users to the ATO.
In short, the ATO knows your transaction history on CoinJar Exchange. You’ll know the ATO has your cryptocurrency transaction data, as it will show in the prefill report on your tax return. That means it’s important that you do calculate and declare your crypto gains, otherwise it’s only a matter of time before the ATO comes knocking.
API sync - how to sync transaction history from CoinJar Exchange
You can easily setup a data feed directly into Syla to do your CoinJar Exchange tax report by API:
- Login to CoinJar Exchange.
- Click on your User Profile Icon, and click API Keys.
- Click Create New Key.
- Enter "Syla" as the Name.
- Ensure the scope is set to read only.
- Click Create Key.
- Click Copy to Clipboard and paste into Syla.
- In Syla, click Secure Sync.
CSV file import - gow to get tax statement from CoinJar Exchange
There are is a single CoinJar Exchange tax CSV files that you need to download to get your transaction history from CoinJar Exchange:
- Transaction Statement CSV
Follow these instructions to download your transaction history from CoinJar Exchange:
- Login to CoinJar Exchange.
- Click on your User Profile Icon, and click Accounts.
- Click Statement.
- Select a From and To date that covers your entire transaction history.
- Click Generate Statement.
- Check your email in a few minutes to download your transaction Statement.
- Upload your transaction Statement to Syla and click Secure Import.
How to do CoinJar Exchange taxes
Our Australian financial year starts on the 1 July and ends on the 30 June each year. You can prepare and lodge your tax return any time after the 30 June.
You have until the 31 October to lodge your individual tax return, or you can get an extended lodgement deadline till 15 May when lodging through a registered tax agent.
There are three ways you can complete your cryptocurrency tax return
- do it yourself by hand in a spreadsheet 😭
- provide your transaction statements to your tax agent / accountant
- use crypto tax software to automate the calculations and optimise for lower tax.
If you decide to do it yourself by hand, then you will need to be very careful to track the individual cost base of each crypto asset, and calculate the capital gain or loss on each disposal. This might be okay if you only have a handful of transactions. 👍
Otherwise, you can use Syla to do your CoinJar Exchange crypto tax calculations and tax optimisation. You can also provide the final Crypto Tax Report you create in Syla to your tax agent, or you can use the report yourself to lodge your own tax return.
Important tips for CoinJar Exchange taxes and minimising your tax bill
Follow these tips for common gotchya’s that will save you time and lead to better tax outcomes.
- Export your entire history - if you’re importing your data by CSV, then make sure you select the from and to date that covers your entire history of transactions, even prior financial years. Doing this will ensure you end up with accurate final balances in Syla, and the correct tax outcomes.
- Use the correct CSV export - if you’re importing your data by CSV, then make sure you download the transaction Statement report and not one of the other CSV reports that are available. The transaction Statement contains your entire transaction history in one file.
- Don’t forget your CoinJar account - if you have traded on CoinJar Exchange, then you must also have a standard CoinJar account. In Syla, these are two separate data sources, and it’s important that both are imported to ensure the correct tax outcomes are achieved.
Syla’s smart tax logic for CoinJar Exchange
You’ll find some really smart logic in Syla that is going to make doing your crypto taxes on CoinJar Exchange quick and easy.
Smart logic means that transactions are correctly classified for you automatically and all possible costs are claimed. That’s great, because you’ll have certainty in your tax and avoid paying more tax than you are legally required to.
Here’s just some of smart logic that has been specifically implemented for CoinJar Exchange that you’ll find in Syla’s crypto tax calculator:
- internal transfers to and from CoinJar
- smart grouping of trades into orders
- claim brokerage fees
Pay the lowest crypto tax and save the hassle of doing crypto tax yourself
It's very difficult to calculate all the tax outcomes correctly for your crypto by hand unless you're a tax professional.
If you are using a tax accountant, then you probably don’t want them doing it by hand either, as it's going to take a long time and cost a lot.
That’s why using cryptocurrency tax software can save you a lot of time that you’d rather spend doing something else. 😊
Syla is the only crypto tax software designed specifically and only for Australia. Syla not only calculates all your tax outcomes to ensure you are compliant to the ATO, but it also optimises your tax to ensure you pay the lowest crypto tax legally possible, saving you both time and money.
- Syla is built specifically for Australian taxpayers
- Syla’s tax logic is optimised by Australian tax lawyers to legally minimise tax
- Syla’s Crypto Tax Reports that are recognised by Australian tax professionals as being ATO compliant
You can get started in Syla for free.
FAQ
Does CoinJar Exchange have tax statements?
Yes, CoinJar Exchange has a CSV transaction Statement that you can download, containing all of your trades, deposits, withdrawals and trading fees. This file has everything you need to complete your crypto tax calculations and record keeping.
How do I get CoinJar Exchange tax statements?
You either download your transaction Statement as a CSV file, or you can connect by API to do your tax report. Once you have your tax statements, you can use Syla as your crypto tax software to import your transaction Statement and calculate your tax.
Do I have to pay taxes on CoinJar Exchange?
Yes, CoinJar Exchange reports user transaction data to the ATO, and the ATO has been providing crypto tax guidance since 2014. You’ll be facing an audit and penalties from the ATO if you don’t declare your crypto gains.
Is it safe to share my CoinJar Exchange API Keys?
Yes, it's perfectly safe to share your Read-Only API Keys, as Read-Only does not provide access to place trades or withdraw crypto.
