Author
Nick Christie
Nick Christie
Co-Founder
Brisbane, Australia
For Accountants
PDF instructions

You can easily get your Cointree taxes done in Syla, ensuring you pay the lowest crypto tax legally possible.

Last updated
23
Jul
2023

What is Cointree

Cointree is a digital currency broker that first launched in 2013. Cointree helps Australians to buy and sell cryptocurrency. Cointree offers a simple trading experience for Australians and great customer support.

The benefits of using Cointree for Australian investors are:

  • Australian based exchange
  • over 280+ cryptocurrencies
  • customer support

Cointree has the following tax reports:

  • Cointree tax statement PDF
  • Cointree tax CSV

Syla + Cointree integration

✅ 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)
  • exchange records
  • a record of the value of the crypto asset in Australian dollars at the time of each transaction

How is crypto taxed on Cointree

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 Cointree, all with different possible tax outcomes.

Cointree transactions in Syla

Example tax treatment:

  • ordinary income - promotions
  • zero cost acquisition - chainsplits
  • deduction / capitalisation - brokerage fees, deposit fees and and withdrawal fees
  • carry over of cost base - rebase

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 Cointree report transactions to the ATO

Cointree is a registered Digital Currency Exchange (DCE) with AUSTRAC. As an AUSTRAC registered DCE, Cointree 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 Cointree. 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.

What your tax agent can see on your prefill report for your tax return

What transaction statements do you need from Cointree

How to get tax statement from Cointree - CSV

There are 2 important Cointree tax CSV files that you need to download to get your transaction history from Cointree:

  • Orders CSV
  • Transactions CSV

Follow these instructions to download your transaction history from Cointree:

  1. login to Cointree
  2. click Wallet> Transactions
  3. click Export > Export orders (csv)
  4. click Export > Export transactions (csv)
  5. click Export > Download account statements - previous FY (pdf) (recommended if you would also like a PDF copy)
Cointree CSV Instructions 1

How to do Cointree 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

  1. do it yourself by hand in a spreadsheet 😭
  2. provide your transaction statements to your tax agent / accountant
  3. 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 Cointree 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.

Important tips for Cointree taxes and minimising your tax bill

Follow these tips for common gotchya’s that will save you time and lead to better tax outcomes.

  • SMSF - if you have an SMSF, then you should also export a copy of your Holding Statements PDF.
  • Notes - use the notes feature in Cointree to give a useful description on your deposits and withdrawals. This will allow you or your accountant to easily determine what happened at a later date.
  • Historical data - Cointree migrated their database at some past point in time, causing older transaction history to no longer be retained.

Syla’s smart tax logic for Cointree

You’ll find some really smart logic in Syla that is going to make doing your crypto taxes on Cointree 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 Cointree that you’ll find in Syla’s crypto tax calculator:

  • capitalisation of brokerage fees
  • smart classification of signup bonus and trade promotions
  • detection and classification or rebase events including the NANO to XNO migration.
  • claim withdrawal fees
  • detection of chainsplits including BCH
  • detection of failed BPAY payments
  • detection of promotion rebates

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

You can get started in Syla for free.

FAQ

Does Cointree have tax statements?

Yes, Cointree has 1 Cointree Account Statement FY in PDF format, and 2 tax CSV transaction statements (Orders CSV and Transactions CSV) that you can download. These are all important for completing your crypto tax calculations and record keeping.

How do I get Cointree tax statements?

You can easily login and download your tax CSV statements. 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.

Does Cointree have an end of year tax statement?

Yes, Cointree has an Account Statement that you can download in PDF format. This document is helpful for your record keeping and substantiation of your activity. It’s hard to get the data from a PDF, so you’ll still need to download your tax CSV transaction statements to do your tax calculations.

Do I have to pay taxes on Cointree?

Yes, Cointree 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.

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Disclaimer

The information in this article reflects our understanding of existing legislation, proposed legislation, rulings and other tax law, as at the date of issue. In some cases, the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way.

The information provided in this article is purely factual in nature and does not constitute tax advice, financial product advice or legal advice. The information is not, nor is it intended to be, comprehensive or a substitute for professional advice on specific circumstances. If you require professional advice that takes into account your particular circumstances, you should consult an appropriate professional.