What is Swyftx
Swyftx is an Australian owned digital currency broker that first launched in 2018. Swyftx helps Australians to buy and sell cryptocurrency. They currently offer one of the largest selection of over 310 cryptocurrency assets that can be purchased.
The benefits of using Swyftx for Australian investors are:
- Australian based exchange
- Over 600,000 registered users
- over 310 cryptocurrencies
Swyftx has the following tax reports:
- Swyftx tax statement PDF
- Swyftx tax statement CSV
- Swyftx tax report API
Syla + Swyftx 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 Swyftx
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 Swyftx, all with different possible tax outcomes.
Example tax treatment:
- ordinary income - airdrops and interest
- deduction / capitalisation - brokerage fees and withdrawal fees
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 Swyftx report transactions to the ATO
Swyftx is a registered Digital Currency Exchange (DCE) with AUSTRAC. As an AUSTRAC registered DCE, Swyftx 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 Swyftx. 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.
CSV file import - how to get your Swyftx tax report
There are is one important Swyftx tax CSV file that you need to download to get your transaction history from Swyftx, and an optional Swyftx tax PDF:
- Transaction Report CSV
- Transaction Report PDF
Follow these instructions to download your transaction history from Swyftx:
- login to Swyftx
- click your profile image and select Profile
- select Transaction Reports
- select Custom
- set From to a date earlier than your account registration to get your entire history
- set To to the current date
- click CSV
- click PDF (recommended if you would also like a PDF copy)
API sync - how to sync transaction history from Swyftx
You can also setup a data feed directly into Syla to do your Swyftx tax report by API:
- login to Swyftx
- click Profile icon > Profile
- click API keys
- click Create New Key
- enter Syla as the Label and click Next
- ensure that the drop-down is set to Read only and click Next
- enter your password and click Submit
- copy the API Key and paste into Syla
- in Syla, click Secure Sync
How to do Swyftx 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 Swyftx 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 Swyftx 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 transaction history - Capital gains tax calculations depend on trades that occurred in prior years. For this reason, it’s really important that you export your entire transaction history on Swyftx (not just the current financial year).
Syla’s smart tax logic for Swyftx
You’ll find some really smart logic in Syla that is going to make doing your crypto taxes on Swyftx 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 Swyftx that you’ll find in Syla’s crypto tax calculator:
- OSKO and PayID AUD deposits
- smart grouping for auto-conversion of AUD deposits into USD
- interest payments from earn program
- affiliate payments
- internal transfers from other Swyftx users
- foreign currency conversions
- claim deposit fees
- auto-classification of LUNA airdrop
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 are recognised by Australian tax professionals as being ATO compliant
You can get started in Syla for free.
FAQ
Does Swyftx have tax statements?
Yes, Swyftx has 1 EOFY Swyftx Tax Statement in PDF format, and 1 tax CSV transaction statement (Transaction Report) that you can download. These are all important for completing your crypto tax calculations and record keeping.
How do I get Swyftx 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 Swyftx have an end of year tax statement?
Yes, Swyftx has a 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 Swyftx?
Yes, Swyftx 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 Swyftx 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.
