Does Kraken Report to the ATO?

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Kraken

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

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

Kraken maintains local operations as a registered Digital Currency Exchange (DCE) with AUSTRAC. AUSTRAC is a government agency specifically designed to prevent financial crimes like money laundering and tax evasion. As a result, it’s likely that Kraken reports relevant information to the Australian government.

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

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

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

Yes. Kraken operates legally in Australia.

How do I avoid Kraken 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 Kraken tax report today

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

CoinLedger integrates with Kraken 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

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