What is KuCoin
KuCoin is a globally recognised cryptocurrency exchange known for its wide array of supported digital assets and innovative trading features. It offers a comprehensive suite of services from spot trading to futures and margin trading, making it a versatile platform for any investment strategy.
Unique features for investors include:
- A broad selection of cryptocurrencies.
- Advanced trading features such as futures and margin trading.
- A robust security architecture, including two-factor authentication and encryption protocols.
How is crypto taxed on KuCoin
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 KuCoin.
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.
To learn everything there is to know about crypto tax in Australia, read our ultimate crypto tax guide.
How to do your KuCoin 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 KuCoin tax report and crypto tax optimisation:
- Get started with a free Syla account.
- 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 KuCoin transaction data into Syla
To get your KuCoin crypto taxes sorted, you’ll need to import your transaction history into Syla. On KuCoin it’s really easy to import your transactions into Syla using:
✅ API sync
✅ CSV file import
Syla will automatically process and classify your crypto transactions, making your crypto tax simple and easy to solve.
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.
API sync - how to sync transactions from KuCoin
You can setup an API sync directly into Syla to do your KuCoin tax report:
- Follow the steps here to create a new API, making sure to only select General under API Restrictions, and to set IP Restriction to No.
- Copy and paste the API Key, Passphrase, and Secret into Syla, and click Secure Sync.
- Please be patient while we sync your KuCoin transaction data, as it may take up to 5 min to complete.
Please Note: Due to KuCoin limitations, trades prior to 2019/02/18 will not be imported.
CSV file import - how to get tax statement from KuCoin
You can download the following CSV transaction files from KuCoin and import them directly into Syla:
- Deposit History (CSV)
- Withdrawal History (CSV)
- Trade History (CSV)
Follow these instructions to download your transaction statements from KuCoin:
- Login to Kucoin.
- In the navbar, select History (Deposit & Withdrawal).
- Change the date to 3 Months.
- Click CSV Download.
- Repeat the process using the Custom date and selecting consecutive 3 month periods until your entire deposit history has been exported.
- Change the tab to Withdrawal history and repeat the process to export your entire withdrawal history.
- In the top right of the navbar, hover over Orders and select Spot Trade History.
- Change the tab to Trade History.
- Change the date to 3 Months.
- Click CSV Download.
- Repeat the process using the Custom date and selecting consecutive 3 month periods until your entire trade history has been exported.
- Once you have your files, upload them to your KuCoin data source in Syla, and click Secure Import.
Syla’s smart tax logic for KuCoin
You’ll find some really smart logic in Syla that is going to make doing your crypto taxes on KuCoin 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.
Syla has support for the following transaction types on KuCoin and more:
- Buy and sell trades
- Deposits and withdrawals
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.
👉 get started for free in Syla.