Thank you for this amazing video guide. I just have a quick question. If I purchase a Koinly subscription after 30th June, 2021 for the 2020-2021 tax return financial year, will I have to wait until the 2021-2022 tax return financial year to claim a deduction via MyTax?
Hey Daniel, apologies for the late reply. We have so many comments that it's really overwhelming at times. Did you get an answer to your question? This is something the YT team isn't sure about. I'd recommend contacting support: koinly.io/contact/
@@koinly Thank you for replying. I recently contacted Koinly support and they explained that I must only claim the costs that occurred during the 2020-2021 tax year, which makes sense. The ATO would also require a receipt as evidence. Therefore, from what I understand, my only option would be to claim a deduction for my Koinly subscription within the 2021-2022 tax year.
Hey there, you may find our Australia Tax Guide helpful: koinly.io/guides/crypto-tax-australia/ also, you will want to check this page out regarding capital gains of more than 10,000: www.ato.gov.au/Forms/Capital-gains-tax-(CGT)-schedule-2021/
Could you show us how to calculate CGT using the CGT record keeping tool. May be useful for people with diverse portfolio (e.g. managed funds) when they have other CGT events as well. Thanks!
Can I receive deductions on my tax for koinly subscription purchased when I'm doing my taxes (after the tax period i.e 2022-23) or should I add it in the next year tax file?
Hello! For individuals, the cost of your Koinly plan may be deductible as ‘expenses you incur in managing your own tax affairs’. See the ATO guidance on when to deduct your costs of managing tax affairs: www.ato.gov.au/individuals/income-deductions-offsets-and-records/deductions-you-can-claim/cost-of-managing-tax-affairs/#:~:text=You%20generally%20incur%20the%20fees,lodging%20with%20a%20registered%20agent.
Thanks for your video. I wish to know if I invest in two crypto exchanges(later,Withdraw the money and invest in the other )I need to add all capital gains individually
It can depend on the situation. The best thing to do is to use Koinly and link it to your wallets and exchanges. The app will automatically determine this for you.
I have not kept a record on my exchange activity, as i have only recently found that i have to report to the ATO?. I have been trading for over a year, have not made any real profits. How do i go about tracking down my crypto activity for the last year?
Thank you for the question! You can gather your historical transaction data by setting the sync to start from the beginning with each exchange you have. For CSV files, you can request full transaction histories from the exchanges support team.
That will likely depend on whether you are self employed. If so, then this seems to indicate that you can: www.ato.gov.au/individuals/income-and-deductions/deductions-you-can-claim/other-deductions/cost-of-managing-tax-affairs/
READ ME: Don't have to pay for the service, you can crunch the numbers in yourself, it shows it on the website, just not the full tax report for you, I mean if there was any issues youd need that tax report but if you not doing anything out the ordinary, no need to pay for the extra details, sorry koinly. but truth doesn't hurt people.
Not entirely correctly... The free summary doesn't take into account the CGT Discount for assets owned for 12+months, which this reduction in CGT could likely cover (and more) the cost of the Koinly purchase.
This is an absolute brilliant video. I've been searching for something like this for a while. Thank you so much you are life savers!
Brilliant. Straight to the point and very informative. Thanks so much :)
Hi i have more than $10000 loss. how do i input into ato mygov?
did you work out how to do this? i am in the same situation.
The Most direct and informative vid thanx
Thank you for this amazing video guide. I just have a quick question. If I purchase a Koinly subscription after 30th June, 2021 for the 2020-2021 tax return financial year, will I have to wait until the 2021-2022 tax return financial year to claim a deduction via MyTax?
Hey Daniel, apologies for the late reply. We have so many comments that it's really overwhelming at times. Did you get an answer to your question? This is something the YT team isn't sure about. I'd recommend contacting support: koinly.io/contact/
@@koinly Thank you for replying. I recently contacted Koinly support and they explained that I must only claim the costs that occurred during the 2020-2021 tax year, which makes sense. The ATO would also require a receipt as evidence. Therefore, from what I understand, my only option would be to claim a deduction for my Koinly subscription within the 2021-2022 tax year.
if capital gains is over 10,000 another form appears, can you show how to fill this
Hey there, you may find our Australia Tax Guide helpful: koinly.io/guides/crypto-tax-australia/ also, you will want to check this page out regarding capital gains of more than 10,000: www.ato.gov.au/Forms/Capital-gains-tax-(CGT)-schedule-2021/
How is the capital gains summary calculated? What inventory method should be used?
There is more info here koinly.io/blog/crypto-tax-profit-and-loss/
So to be sure - all transactions are converted into AUD?
Could you show us how to calculate CGT using the CGT record keeping tool. May be useful for people with diverse portfolio (e.g. managed funds) when they have other CGT events as well. Thanks!
did you figure this out or nah?? killing me right now!
Can I receive deductions on my tax for koinly subscription purchased when I'm doing my taxes (after the tax period i.e 2022-23) or should I add it in the next year tax file?
Hello!
For individuals, the cost of your Koinly plan may be deductible as ‘expenses you incur in managing your own tax affairs’.
See the ATO guidance on when to deduct your costs of managing tax affairs:
www.ato.gov.au/individuals/income-deductions-offsets-and-records/deductions-you-can-claim/cost-of-managing-tax-affairs/#:~:text=You%20generally%20incur%20the%20fees,lodging%20with%20a%20registered%20agent.
Thanks for your video. I wish to know if I invest in two crypto exchanges(later,Withdraw the money and invest in the other )I need to add all capital gains individually
It can depend on the situation. The best thing to do is to use Koinly and link it to your wallets and exchanges. The app will automatically determine this for you.
Please add a 2fa for koinly for security
will forward it to our team. thanks!
I have not kept a record on my exchange activity, as i have only recently found that i have to report to the ATO?. I have been trading for over a year, have not made any real profits. How do i go about tracking down my crypto activity for the last year?
Thank you for the question!
You can gather your historical transaction data by setting the sync to start from the beginning with each exchange you have. For CSV files, you can request full transaction histories from the exchanges support team.
How to include AUD deposit or withdrawal for taxation
Can a capital gains summary be done automatically when CoinSpot account is added to koinly or do you have to record it yourself?
When the CoinSpot account is added, you can go to Tax Reports and download a Capital Gains Report.
do you actually know if the tax report cost is deductible in Australia?
That will likely depend on whether you are self employed. If so, then this seems to indicate that you can: www.ato.gov.au/individuals/income-and-deductions/deductions-you-can-claim/other-deductions/cost-of-managing-tax-affairs/
I only sold a couple of hundred dollars worth of Crypto. My capital gains on Koinerly came out as $5000. Not sure what I did wrong?
Not sure Rachel, please contact our support team: koinly.io/contact/
READ ME: Don't have to pay for the service, you can crunch the numbers in yourself, it shows it on the website, just not the full tax report for you, I mean if there was any issues youd need that tax report but if you not doing anything out the ordinary, no need to pay for the extra details, sorry koinly. but truth doesn't hurt people.
Not entirely correctly... The free summary doesn't take into account the CGT Discount for assets owned for 12+months, which this reduction in CGT could likely cover (and more) the cost of the Koinly purchase.
Don't delete this video please 😂