Crypto.com which is a cryptocurrency exchange has launched a free tax reporting service for crypto users in Australia.
Crypto.com said it had tailored its existing tax services for United States and Canadian crypto users to allow Australians to accurately report crypto currencies on their taxes. The exchange said it worked with professional tax advisers to ensure that the service was consistent with laws for filing cryptocurrency taxes in the country.
The system allows users to import their crypto transaction records into a tax reporting platform such as TokenTax and generate a report to be filed with the authorities such as the Internal Revenue Service in the United States, the Canada Revenue Agency and the Australian Tax Office at no cost.
Furthermore users need to have accounts within supported exchanges and wallets to provide a complete tax record for the authorities. Crypto.com currently allows users of Coinbase, Kraken, Binance, BitBuy and others to take advantage of the service.
Authorities in Australia consider liquidating crypto holdings as a capital gain in many cases and to be taxed accordingly. However, crypto currencies used for payment and services in Australia are not taxed as income provided the cost is under 10,000 AUD.In May, the ATO released a warning for any crypto users filing taxes in Australia to accurately report any profits
