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Does OpenSea Report to the ATO?

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Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze OpenSea’s tax reporting policies within Australia. We’ll also break down a simple way to report your OpenSea taxes in minutes.

Does OpenSea report to the Australian Taxation Office (ATO)?

At this time, it's unlikely that OpenSea reports user information directly to the Australian government. However, the ATO has been known to request information about users from platforms such as OpenSea to crack down on tax evasion.

What does the ATO do with the information provided by cryptocurrency platforms?

Since 2019, the ATO has used data matching to crack down on crypto tax fraud. The ATO uses information provided by platforms like OpenSea to track crypto transactions and identify individuals who have not met their tax obligations. 

In the past, the ATO has used this information to send warning letters to hundreds of thousands of cryptocurrency investors. 

Do I have to pay taxes on my OpenSea transactions?

Yes. In Australia, your transactions on OpenSea or other platforms are subject to capital gains tax and ordinary income tax. Even if your exchange doesn't report to the ATO, you are still responsible for reporting related income from platforms like OpenSea. 

If you’ve earned or disposed (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to the ATO. 

For more information, check out our complete Australia guide to cryptocurrency taxes

Is OpenSea legal in Australia?

Yes. OpenSea operates legally in Australia.

How do I avoid OpenSea taxes in Australia?

Remember, there is no way to legally evade your taxes in Australia. However, there are tools like tax-loss selling and cryptocurrency tax software that can help you save thousands of dollars legally.

Get a OpenSea tax report today

Looking for a simple way to report your OpenSea taxes? With CoinLedger, you can import your OpenSea transactions and auto-generate a complete gains, losses, and income tax report in minutes.

CoinLedger integrates with OpenSea and dozens of other wallets, blockchains, and cryptocurrency exchanges to automate the entire crypto tax reporting process.

You can get started with a free preview report today.

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