Popular Australian crypto exchanges Coinjar, Cointree and Swyftx have partnered with Koinly to track their clients’ tax obligations.
Crypto taxation software provider Koinly has announced a partnership with three Australian digital asset exchanges to simplify their clients’ tax reporting.
Coinjar, Cointree and Swyftx announced support for Koinly on July 29, allowing the exchanges’ customers to automatically feed trading data to Koinly via csv or API, and access detailed capital gains reports.
“Even though there is a lot of guidance around cryptocurrency taxes, it is simply too difficult to calculate taxes by hand especially if you traded on multiple exchanges,” asserted Koinly founder Robin Singh.
Increased scrutiny from regulators
The move follows the Australian Taxation Office sending letters to 350,000 Australians believed to be trading crypto assets to remind them of their tax obligations in March.
The ATO estimated that up to one million Australians are engaged in crypto trading activities — equating to 4% of the country’s entire population.
Singh told Cointelegraph that Koinly entered into discussions with several Australian exchanges after the ATO sent the letters in March.
“We have seen a surge of Australian users on our platform in recent months and a lot of them trade on these exchanges.
