Complete Tax Report: Australia

What information do KoinX tax reports provide for Australia?

KoinX tax reports for Australia offer a detailed and audit-friendly overview of your crypto activity for the selected financial year. These reports are structured to align with Australian Taxation Office (ATO) guidelines and international tax reporting standards, covering summaries, transaction breakdowns, and income classifications - all based on your selected tax settings.

Sample Report: Complete Tax Report – Australia (opens in a new tab)

Tax Guide: Crypto Tax Guide - Australia (opens in a new tab)

Cover Page

• User details (name, country, reporting currency)
• Report generation date and period covered
• Cost accounting method (e.g., FIFO, LIFO, Average)
• Report content list
• Disclaimer on usage

Tax Settings and Customizations

• Selected country: Australia
• Reporting currency: AUD
• Cost method (FIFO, LIFO, etc.), fee handling, and preferences
• Treatment of rewards, airdrops, crypto-to-crypto trades, derivatives
• Any custom overrides made by the user

ATO Capital Gains Summary

This section is a summary of Profit and loss from crypto disposals during the financial year, including Spot, P2P, and Margin trades.

• Number of transfers
• Sale consideration (AUD)
• Cost of acquisition (AUD)
• Short-term capital gains
• Long-term capital gains
• Total current year capital gains
• Less: Capital losses
• Less: Long-term capital gains discount (50% for assets held > 12 months)
• Net capital gains

ATO-Specific Notes:

• Capital gains are taxed at your personal income tax rate.
• Annual tax-free threshold (e.g., AUD 18,200 in 2022–23). Tax applies only above this.
• Capital losses can be carried forward and offset against future gains.
• Crypto-to-crypto trades are taxable events under ATO rules.

Summary of Income from Crypto Derivatives

This section is a summary of Realised PnL, interest expenses, and interest income on crypto futures and options.

• Total realised profit
• Total realised losses
• Total fees paid
• Net profit/loss after fees

ATO-Specific Notes:

• The ATO has not issued clear, comprehensive guidance on crypto derivatives taxation.
• Professional tax advice is recommended for accurate reporting of these transactions.

Summary of Other Incomes

This section is a summary of Airdrops, staking income, mining income, salaries, consultancy payments, and other receipts.

• Airdrops
• Rewards
• Staking income
• Salary income received in crypto
• Consultancy income in crypto
• Mining income
• Other income streams

ATO-Specific Notes:

• Airdrops, forks, and mining income (when conducted as a business) are taxable upon receipt.
• Crypto spent on personal use assets up to AUD 10,000 is generally not taxable.

Summary of Other Expenses, Gifts, and Donations Given

This section is a Summary of expenses and fee paid.

• Margin/funding interest
• Mining-related expenses
• Consultancy or freelance payments
• Gifts of crypto assets
• Donations
• Other fees (gas, swap, brokerage, protocol fees)

ATO-Specific Notes:

• Gifts you give may trigger capital gains tax.
• Gifts received are not taxable at the time of receipt.
• Donations to a Deductible Gift Recipient (DGR) are eligible for income tax deductions.

Year Beginning Balance of Assets

This section shows coin-wise start of the year holdings with valuation. It reflects the assets held at the beginning of the financial year based on available transaction history and balances.

For each asset, the following details are provided:

• Asset Name
• Quantity
• Cost
• Value
• Remarks (if any)

Year End Balance of Assets

This section shows coin-wise end of the year holdings with valuation. It reflects the assets held at the end of the financial year after accounting for all transactions during the year.

For each asset, the following details are provided:

• Asset Name
• Quantity
• Cost
• Value
• Remarks (if any)

Capital Gains Transactions

This section provides a detailed list of all Capital Gains transactions during the selected Financial Year

• Purchase and sale dates
• Asset and quantity
• Buy value, sell value, gain/loss

Crypto Derivatives Transactions

This section gives you detailed list of all futures and options trades during the selected Financial Year.

• Asset
• Quantity
• Net gain/loss
• Transaction type (futures or options)

Other Income and Expense Transactions

This section provides Detailed list of all Other Income and Expense transactions during the selected Financial Year

• Airdrops and rewards
• Mining income and expenses
• Consultancy payments and expenses
• Donations
• Borrow/lending-related losses or fees

Asset wise Profit and Loss for the year

This section gives you details of Token-by-token breakdown of profits and losses for the year.

• Gross profit
• Gross loss
• Net gain per asset

Data Sources

This section lists the exchanges, wallets, and other platforms from which your transaction data was imported. Having a complete and accurate source list is important for audit purposes.

• Exchange names
• Wallet addresses and labels
• Custom file imports

Summary

KoinX tax reports for Australia provide:

• A complete record of your crypto activity in line with ATO requirements
• Clear classification of income and capital gains for accurate filing
• Capital gains calculation with eligibility for the 50% long-term discount where applicable
• Inclusion of crypto-to-crypto transactions as taxable events
• Support for other income categories such as mining, staking, and consultancy
• Full transaction audit trail for transparency and compliance

Disclaimer: All figures are based on available data and user preferences at the time of report generation. Always verify figures and consult a qualified tax professional for compliance with Australian tax laws.