Does Swyftx Report to the ATO?

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Swyftx

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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 Swyftx’s tax reporting policies within Australia. We’ll also break down a simple way to report your Swyftx taxes in minutes.

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

Swyftx is registered with AUSTRAC, a government agency specifically designed to prevent financial crimes like money laundering and tax evasion. As a result, it’s likely that Swyftx reports relevant information to the Australian government.

What does the ATO do with the information that Swyftx provides?

Since 2019, the ATO has used data matching to crack down on crypto tax fraud. The ATO uses information provided by exchanges like Swyftx 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 Swyftx transactions?

Yes. In Australia, your transactions on Swyftx or other platforms are subject to capital gains tax and ordinary income tax.

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 Swyftx legal in Australia?

Yes. Swyftx operates legally in Australia.

How do I avoid Swyftx 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 Swyftx tax report today

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

CoinLedger integrates with Swyftx 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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