Coinbase joins forces with CryptoTaxCalculator to help Aussie users take the cryptic out of crypto tax
The new partnership with the Australian startup will help Coinbase users file their crypto taxes with confidence this October 31 tax deadline.
Coinbase, one of the world’s largest platforms for buying, selling and storing cryptocurrency, has partnered with Sydney-based CryptoTaxCalculator (CTC) to help Aussie customers file their crypto taxes with confidence. CryptoTaxCalculator offers free signups, and to generate final reports, Coinbase customers will need to purchase a subscription; CTC is offering a 30% discount for Coinbase customers who use the code COINB30 at checkout (the code will be valid until 1 January 2023).
Through an API or CSV integration, Coinbase customers only need to provide their wallet address to CTC and the platform will automatically aggregate all transactions and rewards linked to their self-custody Coinbase Wallet. Unlike other crypto tax software, CTC will also highlight outstanding instances where transactions are unable to be categorised and need to be reconciled by customers.
With CTC’s dashboard feature, Coinbase customers are able to see their taxable activity all in one place including their total value, cost basis and unrealised gains and/or losses. Customers can generate detailed tax reports with a breakdown of realised capital gains and income that can be easily shared with their accountants or filed via their tax software and kept for audit purposes.
With millions of Australians buying, selling and exchanging digital coins and assets, the Australian Taxation Office has called out ‘record keeping’ and ‘capital gains from crypto assets’ as a key priority this tax season. The CTC integration will help Coinbase customers bridge the ‘tax gap’, CTC estimates that 225,000 Australians could have miscalculated their crypto tax by $4,166 on average in 2021.
Further, with a better view on their short and long-term capital gains, losses, income and expenses, Coinbase customers can build a more beneficial tax return for a bear market.
“The crypto universe is expanding fast, and many Australians are confused as to what their tax obligations are. Coinbase is committed to making it as easy as possible to understand and file crypto taxes through new integrations like CryptoTaxCalculator, so customers can stay compliant and make more informed decisions,” said John O’Loghlen, Country Director at Coinbase Australia.
“Crypto taxes can be confusing at the best of times, which is why the CryptoTaxCalculator team has worked hard on developing a robust Coinbase integration. This integration, coupled with our reconciliation engine, aims to provide Coinbase users with the reassurance they need to go into tax time with confidence,” said Shane Brunette, Co-founder, and CEO at CryptoTaxCalculator.