Looking to report your Swyftx transactions on your tax return?
Dealing with your crypto taxes can be stressful, even for a seasoned investor. Because most exchanges don’t provide comprehensive tax forms, accurate reporting can take serious time and effort.
In this guide, we’ll break down everything you need to know about how your transactions on Swyftx are taxed. We’ll also share a simple strategy that can help you lodge your Swyftx taxes in minutes.
Swyftx was founded in 2017 by Alex Harper and Angus Goldman. The company is now one of the biggest and most trusted cryptocurrency exchanges in Australia and New Zealand.
Currently, Swyftx allows customers to trade more than 300 crypto-assets. In addition, investors can earn interest rewards through Swyftx Earn.
In most of the world, cryptocurrency is taxed when it’s earned and when it’s disposed of.
Disposals: When you dispose of cryptocurrency, you’ll incur a taxable gain or loss depending on how the price has changed since you originally received it. Examples of disposals include selling cryptocurrency, crypto-to-crypto trades, and using crypto to make a purchase.
Earning cryptocurrency: When you earn cryptocurrency, you’ll recognize taxable income based on the fair market value of your crypto at the time of receipt. Examples include staking rewards, interest rewards, and referral rewards.
For more information, check out our guide to how cryptocurrency is taxed in Australia.
Yes. Swyftx reports to tax agencies like the Australian Tax Office (ATO) and the Inland Revenue Department (IRD).
If you received cryptocurrency rewards through Swyftx Earn, it should be considered income at the time of receipt subject to income tax.
For tax purposes, it’s recommended that you keep careful records of your transactions for at least five years. This should include the following information.
Tracking down this information can be difficult, especially if you’ve used multiple exchanges and wallets during the tax year.
Crypto tax software like CoinLedger can help. Just plug in your wallets and exchanges, and let the platform generate a comprehensive tax report with the click of a button!
Here’s how CoinLedger can import your Swyftx transactions in five simple steps.
Click the Profile option on the left side of the screen.
Select API Keys from the menu on the left.
Click Create a new key.
Enter a label, set Scope as Read Only, and confirm by entering your password.
Remember to write down your key, as you will not be able to see it after this step.
Navigate to Step 1. Import within your CoinLedger. Select Add Account then choose the Swyftx tab. Click on Auto-Import, then enter your API Key into the correct field. Click Sync Transactions.
And that’s it! Once you’ve imported your other wallets and exchanges, you’ll be able to generate a comprehensive tax report with the click of a button.
Want to take the stress out of lodging your crypto taxes? CoinLedger can help.
CoinLedger integrates with more than 400+ blockchains and exchanges, including Ethereum and Swyftx. The platform is trusted by more than 300,000 investors across the globe.