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How to Do Your CoinSpot Taxes

CryptoTrader.Tax imports CoinSpot data for easy tax reporting. Create the appropriate tax forms to submit to your tax authority.

CoinSpot Tax Reporting

You can generate your gains, losses, and income tax reports from your CoinSpot investing activity by connecting your account with CryptoTrader.Tax. Connect your account by importing your data through the method discussed below.

  • CoinSpot exports a complete Transaction History file to all users. Simply navigate to your CoinSpot account and download your transaction history from the platform.
  • Import your transaction history directly into CryptoTrader.Tax. Import the file as is. No manual work is required!
  • CryptoTrader.Tax automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

CoinSpot Tax Reporting

You can generate your gains, losses, and income tax reports from your CoinSpot investing activity by connecting your account with CryptoTrader.Tax. Connect your account by importing your data through the method discussed below.

  • CoinSpot supports importing data via read-only API. This allows automatic import capability so no manual work is required.
  • Connect CryptoTrader.Tax to your CoinSpot account with the read-only API.
  • Let CryptoTrader.Tax import your data and automatically generate your gains, losses, and income tax reports.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

CoinSpot Tax Reporting

You can generate your gains, losses, and income tax reports from your CoinSpot investing activity by connecting your account with CryptoTrader.Tax. There are a couple different ways to connect your account and import your data:

  • Automatically sync your CoinSpot account with CryptoTrader.Tax via read-only API. This allows your transactions to be imported with the click of a button.
  • Upload your CoinSpot Transaction History CSV file to CryptoTrader.Tax. You can download your Transaction History CSV directly from CoinSpot and import it into CryptoTrader.Tax

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

CoinSpot Tax Reporting

You can generate your gains, losses, and income tax reports from your CoinSpot investing activity by connecting your account with CryptoTrader.Tax. There are a couple different ways to connect your account and import your data:

  • Automatically sync your CoinSpot account with CryptoTrader.Tax by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
  • Upload a CoinSpot Transaction History CSV file to CryptoTrader.Tax

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

CoinSpot Tax Reporting

You can generate your gains, losses, and income tax reports from your CoinSpot investing activity by connecting your account with CryptoTrader.Tax. Connect your account by importing your data through the method discussed below:

  • Navigate to your CoinSpot account and find the option for downloading your complete transaction history.
  • Import your transaction history directly into CryptoTrader.Tax by mapping the data into the preferred CSV file format.
  • CryptoTrader.Tax automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

How Cryptocurrency Taxes Work

Cryptocurrencies like bitcoin are treated as property by many governments around the world—including the U.S. Other forms of property that you may be familiar with include stocks, bonds, and real-estate.

Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes.

For a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes.

How To Do Your Crypto Taxes

To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. US Dollar, Australian Dollar, etc.).

Once you have your calculations, you can fill out the necessary tax forms required by your country. If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes.

Why Can't CoinSpot Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of CoinSpot. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with CoinSpot's reporting is that it only extends as far as the CoinSpot platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of CoinSpot, CoinSpot can't provide complete gains, losses, and income tax information.

How Does Cryptocurrency Tax Software Help?

By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CryptoTrader.Tax is able to track your profits, losses, and income and generate accurate tax reports in a matter of minutes.

You can test out the software and generate a preview of your gains and losses completely for free by creating an account.

Learn more about how CryptoTrader.Tax works here.

How to lodge your CoinSpot taxes 

Are you looking to pay taxes on your CoinSpot transactions? 

In this guide, we’ll discuss everything you need to know to accurately lodge your tax return. We’ll break down the basics of how cryptocurrency is taxed and walk through a simple step-by-step process to make sure you’re reporting all of your CoinSpot transactions to the ATO. 

What is CoinSpot?

 CoinSpot is an Australian crypto exchange that was founded in 2013 by Russell Wilson. With over 1 million users, CoinSpot is one of the most popular exchanges in Australia and has established a strong reputation for safety and ease of use. 

CoinSpot supports more cryptocurrencies than any other Australian exchange. With their CoinSpot Bundles product, users can purchase multiple tokens in one transaction without needing to pay multiple fees. Another popular feature is CoinSpot Markets, which allows CoinSpot members to trade with each other for only 0.1% per trade. 

How do I pay crypto taxes on CoinSpot? 

The ATO treats cryptocurrency as property, rather than currency. That means crypto is subject to both capital gains and income tax. 

Capital gains events: Every time you dispose of crypto, this triggers a capital gain or loss that needs to be reported. This includes transactions where you sell, trade crypto-to-crypto, send it as a gift, or use it to pay for goods and services.

To minimize your capital gains tax, be sure to keep track of the holding period of your assets. In Australia, there is a 50% discount for holding your crypto for 12 months or longer. 

Income events: If you earned crypto from staking or mining, it will be considered ordinary income and taxed based on its fair market value at the time you received it. 

Currently, you cannot stake or mine crypto on the CoinSpot platform. However, if you transferred crypto income earnings into CoinSpot, you will need to account for those transactions.

For more information, check out our complete guide to Australian crypto taxes. 

Does CoinSpot report to the ATO? 

In 2019, the ATO announced that it would be collecting records from all Designated Service Providers of cryptocurrency, although the specific exchanges were not listed by name. However, as one of the oldest and most popular licensed exchanges in Australia, it’s very likely that CoinSpot is considered a DSP by the ATO.

Why can’t CoinSpot give me a complete record of my tax history? 

Because of the nature of cryptocurrency, it’s difficult for any exchange to give its users a complete tax report.

After all, many investors use multiple exchanges and wallets. However, CoinSpot only has visibility to transactions that take place on the CoinSpot platform. 

If an investor buys Bitcoin on Binance then transfers it to CoinSpot, CoinSpot will not know the original cost basis for acquiring the tokens. In this case, the company won’t be able to provide a complete record of capital gains and capital losses. 

Luckily, CoinSpot partners with CryptoTrader.Tax, which is designed to make it easy to calculate capital gains and income across multiple exchanges and wallets. 

How to lodge your CoinSpot taxes in four steps 

With CryptoTrader.Tax, reporting your CoinSpot transactions on your taxes takes minutes. 

Step 1:

Log in to your CoinSpot account.

Step 2:

Click on My Account drop-down and select Order History.

CoinSpot account login

Step 3:

Click on the Download CSV button.

Download CoinSpot CSV

Step 4:

Navigate to the CoinSpot tab inside the CryptoTrader.Tax Import page and upload your CSV file.

CryptoTraderTax CoinSpot

And that’s it! Once you’ve integrated all of the other exchanges and wallets you are using, you will be able to lodge your crypto taxes with the click of a button. Alternatively, you can send your transaction data to your accountant.  

Lodge your CoinSpot taxes today 

Looking to report your CoinSpot transactions to the ATO? CryptoTrader.Tax can help. More than 100,000 investors across the world use the platform to file their crypto taxes in minutes. Get started with a free preview report today - there’s no need to add your credit card data until you’re sure you have the correct transaction information. 

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