You can easily get your BingX taxes done in Syla, ensuring you pay the lowest crypto tax legally possible.
What is BingX
BingX is a dynamic cryptocurrency exchange platform that focuses on providing a fast, secure, and user-friendly experience for trading digital assets. Known for its cutting-edge technology and innovative services, Bingx is committed to fostering a robust environment for both novice and experienced crypto traders.
Unique features include:
A high-speed matching engine, ensuring rapid and efficient transaction processing.
Copy other traders and auto-replicate their transactions in real time.
Automated bot trading strategies that run 24/7.
How is crypto taxed on BingX
Ever since the first ATO crypto tax guidelines were introduced back in 2014, it’s been clear that crypto is taxable. As an Australian taxpayer, you are legally required to declare your local and worldwide income, including your crypto gains and losses on BingX.
There are two types of assessable income that your crypto investments are taxed on in Australia:
Capital Gains Tax - You’ll end up with capital gains whenever you purchase a crypto asset, and later sell it for a higher price. Capital gains and losses can result from trades, swaps, gifts and many other transaction types.
Ordinary Income - You can easily end up earning income from a number of sources such as commissions, earn programs, staking and many more. These sources of income also need to be declared on your income tax return.
Crypto tax is complicated, which is why most tax professionals recommend using crypto tax software to automate the tax calculations for you. That way you won’t make mistakes that could trigger an ATO audit.
BingX is an AUSTRAC registered Digital Currency Exchange (DCE). As an AUSTRAC registered DCE, BingX must perform KYC and know the identity of their customers. This is important for preventing scammers and criminal activity.
Since 2019 the ATO has been operating a data sharing program with Australian Digital Currency Exchanges. Under the data sharing program, the digital currency exchange must provide transaction data of their users to the ATO when requested.
In short, the ATO knows your transaction history on BingX. You’ll know the ATO has your cryptocurrency transaction data, as it will show in the prefill report on your tax return.
The ATO is only getting smarter at analysing crypto transactions. Even if your crypto transactions don’t show up on your prefill it’s still important that you do calculate and declare your crypto gains, otherwise it’s only a matter of time before the ATO comes knocking.
How to do your BingX taxes
Our Australian financial year starts on the 1 July and ends on the 30 June each year. You can prepare and lodge your tax return after the 30 June.
You have until the 31 October to lodge your individual tax return, or you can get an extended lodgement deadline till 15 May when lodging through a registered tax agent.
There are three ways you can complete your cryptocurrency tax return:
Do it yourself by hand in a spreadsheet. 😭
Provide your transaction statements to your tax agent / accountant.
Use crypto tax software to automate the calculations and optimise for lower tax.
If you decide to do it yourself by hand, then you will need to be very careful to track the individual cost base of each crypto asset, and calculate the capital gain or loss on each disposal. This might be okay if you only have a handful of transactions. 👍
Otherwise, you can use Syla to do your BingX tax report and crypto tax optimisation:
Import your transactions into Syla by following the instructions below.
Download your Crypto Tax Report to give to your tax agent or use it to lodge your tax return yourself.
Importing your BingX transaction data into Syla
To get your BingX crypto taxes sorted, you’ll need to import your transaction history into Syla. On BingX it’s really easy to import your transactions into Syla using:
✅ CSV file import
Syla will automatically process and classify your crypto transactions, making your crypto tax simple and easy to solve.
Before starting You’ll need an account on Syla to get started with your transaction import. You can easily sign up for a free account here to get going.
CSV file import - how to get tax statement from BingX
You can download the following CSV transaction files from BingX and import them directly into Syla:
Transaction History (CSV)
Spot Trade History (CSV)
Standard Futures Trade History (CSV)
Perpetual Futures Trade History (CSV)
Follow these instructions to download your transaction statements from BingX:
Follow the instructions here to export your Transaction History, Spot Trade History, Standard Perpetual Trade History and Perpetual Futures Trade History.
Once you have your files, upload them to your BingX data source in Syla, and click Secure Import.
Syla’s smart tax logic for BingX
You’ll find some really smart logic in Syla that is going to make doing your crypto taxes on BingX quick and easy.
Smart logic means your transactions are correctly classified for you automatically and all possible costs are claimed. That’s great, because you’ll have certainty in your tax and you’ll also avoid paying more tax than you’re legally required to.
Here’s just some of the smart logic that has been specifically implemented for BingX that you’ll find in Syla’s crypto tax calculator:
Syla has support for the following transaction types on BingX and more:
Buy and Sell trades
Deposit and Withdraw
Spot Trading Fee Refund
Pay the lowest crypto tax and save the hassle of doing crypto tax yourself
It's very difficult to correctly calculate all the tax outcomes of your crypto by hand unless you're a tax professional.
If you are using a tax accountant, then you probably don’t want them doing it by hand either, as it's going to take a long time and cost a lot.
That’s where using cryptocurrency tax software can save you a lot of time that you’d rather spend doing something else. 😊
Syla is the only crypto tax software designed specifically and only for Australia. Syla not only calculates all your tax outcomes to ensure you are ATO compliant, but it also optimises your tax to ensure you pay the lowest crypto tax legally possible, saving you both time and money.
Best value - $59 AUD for 10,000 transactions.
Absolute certainty - purpose-built for Australian tax law.
Maximise your tax savings - using Syla’s proprietary LTFO method.
With taxes in Australia capping out at an excruciating 47%, the question on the mind of many crypto investors is, how do I avoid paying crypto tax? While it’s rare to be able to fully reduce your tax to zero, there are some well know strategies within the tax industry that you can use, and a number of situations where you can legally avoid crypto tax entirely.