SYDNEY, Australia – Koinly promises to support Cointree, Swyftx, and Coinjar to formulate their digital asset reports effectively and quickly.
Koinly is a quick-developing digital asset tax solution, and it promises to support bitcoin depositors in Australia when it comes to preparing reports on cryptocurrency tax records. The company helps in providing an effective and immediate way by connecting public wallet addresses and exchange accounts with the company. Depositors can have definite investment improvements, and it’s within minutes.
As per Ashter Tan, Coinjar’s CEO, if user invests or trades with any symmetry, the user can compile transaction records to one document that’s ATO-friendly. However, this process still comes with challenges, especially when the user is using a lot of digital assets and wallets.
With these challenges, Coinjar teamed up with Koinly for tax season, and the purpose is to implement direct connectivity to user’s Coinjar account. She also shared that users can select to associate both accounts for the processing of the exchange data.
Coinjar is an international personal finance company, where users can spend and buy Bitcoin with ease, along with another digital asset. The company started in 2013, and it’s the oldest operating crypto exchanges in Australia.
Jessica Renden, the head of Operations of Cointree, also shared her thoughts regarding the partnership. She said that ATO is contacting about 350,000 people earlier this 2020, the company is delighted that Koinly assist the market, making sure digital asset trades has reported. She also stated that their members, along with users from Cointree, saved time in calculating taxes from monthly statements.
Cointree is a cryptocurrency exchange that provides an ease to people, and it’s a partner of AUSTRAC and Blockchain Centre.
Tommy Honan from Swyftx also shared his thoughts regarding the partnership, stating that the company is also happy to work with an established tax software provider. He also said that they admire how easy customers can assimilate exchange history straight to Koinly by using either API or CSV key. It will provide immediate loss and profit calculations. It will also indicate instant access to entire detail tax reports to share to the company’s accountants during tax seasons.
Swyftx is a platform that lets users buy digital assets easily and quickly. It’s one of the progressive exchanges in Australia.
Robin Singh, Koinly’s founder, said that there’s a lot of guidance on cryptocurrency taxes, and users find it very hard to compute taxes manually, especially if the company is under multiple exchanges. The partnerships with Cointree, Coinjar, and Swyftx will let the company assist depositors in Australia. It will also settle its dealings in one place, generating tax reports effortlessly.
ATO started sending out cautioning letters to digital asset depositors from the 350,000 counts last month. As per the notes, it’s clear that ATO knows about the crypto activities of the receivers, and it wants all of them to state or changes their taxes consequently. In other countries, like Denmark, the UK, and the US, sent out the corresponding letters.
Tax agencies from all around the globe try to make sure taxpayers know their liabilities, which arise from crypto as the digital asset becomes more mainstream.