Australia’s leading cryptocurrency exchange CoinSpot has partnered with Australian made CryptoTaxCalculator to help users deal with the recent focus on crypto taxes from the Australian Taxation Office.
Since the ATO reportedly sent 350,000 emails warning users that they might be subject to cryptocurrency taxes, the topic has become a national meme, dominating local social media and even being featured in national parody magazine Betoota Advocate. Since the emails, according to Google trends the search term “crypto tax” has been globally dominated by Australia.
The message was clear to the founder of CryptoTaxCalculator and veteran crypto investor Shane Brunette, “The ATO has fired a warning message to all crypto investors to declare their taxes. The next step will be far less forgiving.”
CryptoTaxCalculator has seen exponential growth in new users, with the company reinvesting the profit to incorporate more complex ‘DeFi’ transactions, and expand overseas later this year. Regarding increased demand, Shane said, “Although we have been around for two years, we really started to see significant traction after the ATO emails. I think most cryptocurrency users in Australia have been pleading ignorance about their tax obligations, but the market is now more educated about cryptocurrency taxes, and there really aren’t any more excuses for doing your taxes”.
Computing taxes on crypto to crypto transactions can take days when done manually. With the new CoinSpot integration, users can have their crypto taxes ready in just 10 minutes.
“The Australian taxation system can be complicated enough, but with the ATO requiring you to record your cryptocurrency transactions in Australian dollars this can quickly become a nightmare,” said Shane.
Users can now export their transaction data via a CSV file or API directly from CoinSpot into CryptoTaxCalculator and generate detailed accountant friendly tax reports in minutes.
CryptoTaxCalculator was founded in 2018 by software engineer Shane Brunette looking for a solution to his own problem. The product helps crypto users easily calculate their various tax obligations across multiple exchanges and wallets. To date, the company has helped thousands of investors track their portfolios and calculate their taxes.