You can easily get your Coinstash taxes done in Syla, ensuring you pay the lowest crypto tax legally possible.
What is Coinstash
Established in 2017, Coinstash has quickly become a trusted cryptocurrency exchange, committed to providing easy access to an impressive array of coins and tokens.
Based in Brisbane, this exchange stands out for its competitive trading fees across over 1000 different cryptocurrencies, thanks to its pioneering DeFi Connector service.
The benefits of using Coinstash for Australian investors are:
Australian based exchange
over 1000 cryptocurrencies
earn rewards on your crypto
Coinstash has the following tax report you can download:
Coinstash transaction CSV
Syla + Coinstash integration
✅ API sync
✅ CSV file import
Do you have to pay tax on cryptocurrency?
Ever since the ATO first introduced taxation guidelines for crypto back in 2014 it’s been clear that crypto is taxable. You can also read the most up to date ATO guidelines on crypto.
For most individuals, your crypto will be subject to capital gains tax. This means you must calculate the gain or loss on every transaction and declare the resulting capital gains.
The ATO has advised that Australian taxpayers must keep the following records:
receipts when you buy, transfer or dispose of crypto assets
a record of the date of each transaction
a record of what the transaction is for and who the other party is (this can just be their crypto asset address)
a record of the value of the crypto asset in Australian dollars at the time of each transaction
How is crypto taxed on Coinstash
The type and amount of tax paid can vary depending on the transaction, asset type and your tax settings. Here’s just some of the transaction types that can occur on Coinstash, all with different possible tax outcomes.
Example tax treatment:
ordinary income - airdrops, promotions and rewards
deduction / capitalisation - brokerage fees and withdrawal fees
All events involving cryptocurrency assets may result in acquisitions or disposals of a CGT asset.
As we all know, 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.
If you want to know more about the different tax treatments, you can find detailed information in our ultimate crypto tax guide.
Does Coinstash report transactions to the ATO
Coinstash is a registered Digital Currency Exchange (DCE) with AUSTRAC. As an AUSTRAC registered DCE, Coinstash 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.
In short, the ATO knows your transaction history on Coinstash. You’ll know the ATO has your cryptocurrency transaction data, as it will show in the prefill report on your tax return. That means it’s 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 sync transaction history from Coinstash by API
You can also setup a data feed directly into Syla to do your Coinstash tax report by API:
On the right-hand side of the table, click the download Export Txns icon.
Upload your transactions CSV file to Syla.
How to do Coinstash 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 any time 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 Coinstash crypto tax calculations and tax optimisation. You can also provide the final Crypto Tax Report you create in Syla to your tax agent, or you can use the report yourself to lodge your own tax return.
Syla’s smart tax logic for Coinstash
You’ll find some really smart logic in Syla that is going to make doing your crypto taxes on Coinstash quick and easy.
Smart logic means that 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 avoid paying more tax than you are legally required to.
Here’s just some of smart logic that has been specifically implemented for Coinstash that you’ll find in Syla’s crypto tax calculator:
classification of earn/ rewards program
correct interepretation of crypto to crypto swaps
classification of OTC trades
identification of corporate events, such as airdrops and chainsplits
identify internal platform transfers
bundle and auto buys
Pay the lowest crypto tax and save the hassle of doing crypto tax yourself
It's very difficult to calculate all the tax outcomes correctly for 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 why 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 compliant to the ATO, but it also optimises your tax to ensure you pay the lowest crypto tax legally possible, saving you both time and money.
Syla is built specifically for Australian taxpayers
Syla’s tax logic is optimised by Australian tax lawyers to legally minimise tax
Syla’s Crypto Tax Reports are recognised by Australian tax professionals as being ATO compliant
Yes, Coinstash has one tax CSV transaction statement, (Transaction CSV) that you can download. This file is all you need to complete your crypto tax calculations and record keeping.
How do I get Coinstash tax statements?
You can download your tax CSV statements from Coinstash. Once you have your tax statements, you can use crypto tax software to import your data and calculate your tax. Syla is a crypto tax software specifically designed for Australian taxpayers.
Do I have to pay taxes on Coinstash?
Yes, Coinstash reports user transaction data to the ATO, and the ATO has been providing crypto tax guidance since 2014. You’ll be facing an audit and penalties from the ATO if you don’t declare your crypto gains.
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.
We’ve detailed the ten most effective and legal ways to minimise your crypto tax without sending red flags to the ATO. We call them crypto tax hacks, because they are the legal tax loopholes in Australia that you are allowed to take advantage of.