Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze Crypto.com’s tax reporting policies within Australia. We’ll also break down a simple way to report your Crypto.com taxes in minutes.
Does Crypto.com report to the Australian Taxation Office (ATO)?
Crypto.com is registered with AUSTRAC, a government agency specifically designed to prevent financial crimes like money laundering and tax evasion. As a result, it’s likely that Crypto.com reports relevant information to the Australian government.
What does the ATO do with the information that Crypto.com provides?
Since 2019, the ATO has used data matching to crack down on crypto tax fraud. The ATO uses information provided by exchanges like Crypto.com to track crypto transactions and identify individuals who have not met their tax obligations.
In the past, the ATO has used this information to send warning letters to hundreds of thousands of cryptocurrency investors.
Do I have to pay taxes on my Crypto.com transactions?
Yes. In Australia, your transactions on Crypto.com or other platforms are subject to capital gains tax and ordinary income tax.
If you’ve earned or disposed (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to the ATO.
For more information, check out our complete Australia guide to cryptocurrency taxes.
Is Crypto.com legal in Australia?
Yes. Crypto.com operates legally in Australia.
How do I avoid Crypto.com taxes in Australia?
Remember, there is no way to legally evade your taxes in Australia. However, there are tools like tax-loss selling andcryptocurrency tax software that can help you save thousands of dollars legally.
Get a Crypto.com tax report today
Looking for a simple way to report your Crypto.com taxes? With CoinLedger, you can import your Crypto.com transactions and auto-generate a complete gains, losses, and income tax report in minutes.
CoinLedger integrates with Crypto.com and dozens of other wallets, blockchains, and cryptocurrency exchanges to automate the entire crypto tax reporting process.
You can get started with a free preview report today.
