You can easily get your Wealth99 taxes done in Syla, ensuring you pay the lowest crypto tax legally possible.
What is Wealth99
Wealth99 is the world’s leading New Wealth platform, that help’s everyday investors enter the exciting world of alternative assets, which until now has only been accessible to the top 1%.
The benefits of using Wealth99 for Australian investors are:
Australia's digital asset wealth platform.
Independently insured custody with Bitgo.
Free personalised expert support.
Access to the leading cryptos and tokenised precious metals.
Syla + Wealth99 integration
You can import your Wealth99 transactions to Syla by: ✅ API sync
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 Wealth99
The type and amount of tax paid can vary depending on the transaction, asset type and your tax settings. Depending on your situation, you could be taxed on:
ordinary income - commission and earn programs
capital gains - disposals of cryptocurrency
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 Wealth99 report transactions to the ATO
Wealth99 is a registered Digital Currency Exchange (DCE) with AUSTRAC. As an AUSTRAC registered DCE, Wealth99 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 Wealth99. 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 Wealth99 by API
You can setup a data feed directly into Syla to do your Wealth99 tax report by API:
Ensure Currency is set to All Currencies, Status is set to All Statuses and Type is set to All Types.
Click All Transactions History.
For File Extension select CSV (Text file).
Wait for the export to finish processing, and then download from the File Exports tab.
How to do Wealth99 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 Wealth99 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 Wealth99
You’ll find some really smart logic in Syla that is going to make doing your crypto taxes on Wealth99 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 Wealth99 that you’ll find in Syla’s crypto tax calculator:
gifts including cancelled and expired
smart aggregation of orders
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, Wealth99 has an All Transactions History in CSV format that you can download. This file is important for completing your crypto tax calculations and record keeping.
How do I get Wealth99 tax statements?
You can sync and import your transaction data from Wealth99 into Syla by an API connection. Syla will then automatically calculate your tax outcomes and you can download a crypto tax report that is specifically designed to satisfy ATO requirements.
Do I have to pay taxes on Wealth99?
Yes, Wealth99 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.
Is it safe to share my Wealth99 API Keys?
Yes, it's perfectly safe to share your Read-Only API Keys, as Read-Only does not provide access to place trades or withdraw crypto.
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.