Does CoinSpot Report to the ATO?

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CoinSpot

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

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

CoinSpot has been registered as a Digital Currency Exchange (DCE) with AUSTRAC since May 8, 2018. AUSTRAC is a government agency specifically designed to prevent financial crimes like money laundering and tax evasion. As a result, it’s likely that CoinSpot reports relevant information to the Australian government.

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

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

Yes. In Australia, your transactions on CoinSpot 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 CoinSpot legal in Australia?

Yes. CoinSpot operates legally in Australia.

How do I avoid CoinSpot 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 CoinSpot tax report today

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

CoinLedger integrates with CoinSpot 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.

Crypto Tax Overview

How is cryptocurrency taxed in

Australia