Tax reporting on cryptocurrencies is certainly not an easy task for many investors. However, three digital currency exchanges have entered into a new partnership to simplify the process of calculating such taxes.
A reasonable approach to tax reporting on the crypt.
According to an announcement made on Wednesday, three Australian exchanges, namely CoinJar, Cointree and Swyftx, have joined forces with Koinly to reduce the tedious process of providing crypto tax reporting in Australia. Koinly is a digital currency tax software provider designed to facilitate timely reporting for Australian investors.
To do this, exchanges will link addresses and accounts of public wallets with tax software. This way, users or clients can receive detailed reports on capital gains in a short period of time. This may boycott the need for Australian investors to participate in the strict tax reporting process.
Now Australian investors are given the opportunity to file a tax report in an efficient way.