Amid ATO Blitz, Binance Accelerates User Compliance With Crypto Tax Partner Koinly
Brisbane, Australia, July 21, 2021 / PRNewswire / – As the ATO’s fixation on the crypto tax intensifies, one of the australia the biggest cryptocurrency exchanges are pointing their users in the right direction.
Koinly , a cryptocurrency tax start-up, has partnered with Binance Australia to help educate and assist Binance users with their cryptocurrency tax obligations. Binance users also had access to Koinly’s ATO-compliant tax reporting solution through an integration.
Last year, some 350,000 Australian crypto investors were treated to the letter of the ATO. Recipients had 28 days to disclose their crypto transactions.
This year, the target has grown with the ATO send a reminder to around 100,000 taxpayers, while another 300,000 people are expected to be asked to complete their 2021 tax returns online.
“The ATO collects bulk registration data from Australian crypto exchanges and compares it to amounts entered in previous tax returns. Failure to report crypto gains may result in a penalty of 75% tax payable.” , Explain Robin singh by Koinly.
In light of the crackdown, Binance Australia is putting consumer education in the spotlight. On Thursday, July 22, the exchange will host the 2nd in a series of EOFY Crypto Tax Master Class. The 2021 edition is presented in conjunction with Koinly, where the tax reporting app will focus on showcasing ATO’s position on crypto and the ability for Binance users to accurately report their crypto position in their returns. 2021.
Koinly helps Australian investors prepare their crypto tax returns in a simple but compliant way. The app supports over 600 exchanges and wallets, meaning investors can sync their entire crypto trading history with a central source of truth. Koinly takes this data and calculates the gains, losses and reportable income, in minutes.
“While Australia is fortunate to have clear guidelines on crypto tax rules, the requirement for taxpayers to keep audit-worthy reports unfortunately exposes investors to penalties. tax, which is why we pride ourselves on offering reports that are robust enough for tax officers and audits, ”he added.
“With approximately 1 in 6 Australians investing in crypto, taxpayers and tax officers are on a steep learning curve. Our community has raised concerns about tax compliance and we are committed to supporting them with the resources including they need, “said Sam teoh, from Binance Australia.
“In 2021, the regulatory framework surrounding crypto demands a responsible and transparent approach from all players. We are giving our users the best possible opportunity to stay on the good side of the ATO by officially partnering with Koinly this season. taxes, ”he added.
Launched in july 2020, Binance Australia is a regulated digital asset exchange registered with AUSTRAC, providing Australian users with a fast, secure and reliable way to buy and trade digital currencies.
Koinly was founded in 2018 and is the leading cryptocurrency tax solution in Australia. It is used by thousands of cryptocurrency traders and has many of Australia’s top accounting firms among its user base.