How to do your CoinSpot taxes

What is CoinSpot

CoinSpot is a digital currency broker that first launched in 2013. CoinSpot helps Australians to buy and sell cryptocurrency. They currently offer one of the largest selection of over 370 cryptocurrency assets that can be purchased.

The benefits of using CoinSpot for Australian investors are:

• Australian based exchange
• over 370 cryptocurrencies

CoinSpot has the following tax reports:

• CoinSpot tax statement PDF
• CoinSpot tax CSV
• CoinSpot tax report API

Syla + CoinSpot integration

✅ 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 CoinSpot

The type and amount of tax paid can vary depending on the transaction, asset type and your tax settings. Here’s just some of the transaction types that can occur on CoinSpot, all with different possible tax outcomes.

Example tax treatment:

• ordinary income - airdrops, commission and staking
• deduction / capitalisation - brokerage fees and withdrawal fees
• carry over of cost base - rebase

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 CoinSpot report transactions to the ATO

CoinSpot is a registered Digital Currency Exchange (DCE) with AUSTRAC. As an AUSTRAC registered DCE, CoinSpot 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 CoinSpot. 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 create API keys

Login to CoinSpot and follow these instructions to create your read-only API keys:

1. Click My Account, and select API.
2. Click Generate New API Key.
3. Enter Syla as the API Key Name.
4. Ensure the API Key Type is set to Read Only.
5. Enter your Two Factor Code.
6. Click Create API Key.
7. Find the email sent by CoinSpot and click the link to confirm the new API key.
8. Copy the API Key and paste into Syla.
9. Click View Secret and copy the Secret and paste into Syla.
10. In Syla, click Secure Sync.

CSV file import - how to get your transaction history

There are 3 important CoinSpot tax CSV files that you need to download to get your transaction history from CoinSpot:

• Buys/Sells CSV
• Sends/Receives CSV
• Affilliate Payments CSV

Follow these instructions to download your transaction history from CoinSpot:

1. Login to CoinSpot.
2. Click My Account > Order History.
3. Click Sends/Receives CSV.
4. Click Buys/Sells CSV.
5. Click My Account > Affiliates.
6. Scroll down and Click Export CSV.
7. Register an account on Syla and import your transactions.

PDF balances - how to download your EOFY statement

There is also one important PDF tax statement from CoinSpot:

• EOFY Statement PDF

Follow these instructions to download your CoinSpot PDF statement

1. Login to CoinSpot.
2. Click My Account > Order History.
3. Click EOFY Statements button.
4. Select the most recent financial year.
5. Click Print and save as a PDF.
6. Check that none of the amounts are cutoff in the saved PDF.
7. Repeat for each financial year until all EOFY Statements have been downloaded.

How to do CoinSpot 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

1. do it yourself by hand in a spreadsheet 😭
2. provide your transaction statements to your tax agent / accountant
3. 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 CoinSpot 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 CoinSpot taxes and minimising your tax bill

Follow these tips for common gotchya’s that will save you time and lead to better tax outcomes.

• AUD transfers - are not available in the CSV transaction statements on CoinSpot. You can only find them in the EOFY PDF statement and will need to be manually entered into Syla. Alternatively, you can use the API data-feed.
• Rounding errors - transaction data provided by CoinSpot is often rounded to a lower accuracy. This can cause small negative or positive balances when you add up all your transactions. These amounts are usually insignificant and don’t affect your overall tax outcome.
• Affilliates - if you referred other users to the platform then you can download your affiliates CSV statement. This should be declared as ordinary income.

Syla’s smart tax logic for CoinSpot

You’ll find some really smart logic in Syla that is going to make doing your crypto taxes on CoinSpot 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 CoinSpot that you’ll find in Syla’s crypto tax calculator:

• internal transfers from other CoinSpot users
• GAS and VTHO staking rewards
• classify interest payments from earn
• claim withdrawal fees
• claim brokerage fees
• classify affiliate payments

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 crypto tax software can save you a lot of time that you’d rather spend doing something else. 😊

Syla is the only cryptocurrency 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 are recognised by Australian tax professionals as being ATO compliant

You can get started in Syla for free.

FAQ

Does CoinSpot have tax statements?

Yes, CoinSpot has 1 EOFY CoinSpot Tax Statement in PDF format, and 3 tax CSV transaction statements (Buys/ Sells, Sends / Receives and Affiliates) that you can download. These are all important for completing your crypto tax calculations and record keeping.

How do I get CoinSpot tax statements?

You can download your tax CSV statements, or connect by API to do your tax report. Once you have your tax statements, you can use crypto tax software to import your data and calculate your tax. Syla is a crypto tax software specifically designed for Australian taxpayers.

Does CoinSpot have an end of year tax statement?

Yes, CoinSpot has an EOFY tax statement that you can download in PDF format. This document is helpful for your record keeping and substantiation of your activity. It’s hard to get the data from a PDF, so you’ll still need to download your tax CSV transaction statements to do your tax calculations.

Do I have to pay taxes on CoinSpot?

Yes, CoinSpot 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 CoinSpot 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. As an additional security measure, Syla will automatically reject API keys that you accidentally provide that have permission to trade or withdraw crypto.