CoinSpot Tax Reporting
TokenTax imports CoinSpot data for easy cryptocurrency trade tracking and tax filing.
Need to figure out your crypto taxes? Get help for calculating cryptocurrency tax.
Introduction to Australian cryptocurrency exchange CoinSpot
CoinSpot is a crypto exchange founded in 2014 and based in Australia. It is only available to residents of Australia, where it is the country’s most popular crypto exchange. Coinspot is part of the Australian Digital Commerce Association and complies with Australia's Anti-Money Laundering (AML) and Counter-Terrorist Financing laws.
The exchange allows trading between the Australian dollar and crypto, with support for the most cryptocurrencies out of all Australian exchanges. The exchange also allows swapping of tokens using their instant pricing mechanism to lock in accurate prices.
Coinspot has a feature where a trader can purchase a “bundle” of different cryptocurrencies at once to diversify their portfolio while paying less fees in the process. The exchange also has an over-the-counter (OTC) service as well, with its own trading desk for customers to have access to in case of any inquiries. Like most exchanges, Coinspot supplies users with wallets for storing coins.
Australian taxes for crypto trading activity on CoinSpot
The Australian Tax Office (ATO) has somewhat different guidelines for crypto taxes than other countries, which we outline in our guide for Australian crypto taxes.
There are capital gain and loss taxes on crypto to crypto and crypto to fiat trades, as in many countries. However, you may only use capital losses to offset future capital gains, not to deduct from your income taxes. Additionally, if you hold your crypto for over a year, your capital gain taxable amount is reduced by half.
You can use crypto tax software to calculate your taxes in Australia. The final results can then be included on your taxes.
Accepted accounting methods in Australia
Note that Australian crypto taxes are not clear on the acceptable accounting methods. The ATO details that First-In-First-Out (FIFO) and specific identification are acceptable accounting methods; however, the tax agency does not give details on other accounting methods that traders may use.
For more information on how your crypto transactions are taxed in Australia, read our Australian crypto tax guide and ask any questions you have about your unique tax situation on our chat function (lower right corner).
Uploading a CoinSpot CSV with TokenTax
At the top right of the homepage, click Account.
Click the order history icon.
At the top right of the table, click Download CSV.
Upload your CSV file to TokenTax.