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

Does Trust Wallet report to the Australian Taxation Office (ATO)?

At this time, it's unlikely that Trust Wallet reports user information directly to the Australian government. However, the ATO has been known to request information about users from platforms such as Trust Wallet 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 exchanges and wallets 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 Trust Wallet transactions?

Yes. In Australia, your transactions on Trust Wallet 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 Trust Wallet legal in Australia?

Yes. Trust Wallet operates legally in Australia.

How do I avoid Trust Wallet 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 Trust Wallet tax report today

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

CoinLedger integrates with Trust Wallet 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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