Coinbase teams with Sydney startup CryptoTaxCalculator to ‘take the cryptic out of crypto tax’
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Crypto, tax, calculator. Three words that combine surprisingly well to form a Sydney fintech. And here’s another union. The startup has just teamed up with Coinbase Australia.
According to information handed to Coinhead on a shimmering virtual platter somewhere in a corner of the metaverse this afternoon, the global crypto exchange giant (which recently launched in Australia) will now be able to help its Aussie customers “take the cryptic out of crypto taxes” thanks to the partnership.
And that’ll work through an API or CSV integration, with Coinbase users simply providing their relevant crypto public addresses to CryptoTaxCalculator (CTC), with the platform then automatically aggregating all transactions and rewards linked to their Coinbase wallet.
Users will be able to see all their Coinbase-based taxable crypto activity, including total value, cost basis and unrealised gains and/or losses. CTC will also highlight any outstanding instances where transactions are unable to be categorised and need to be followed up further.
The partnership comes after the Australian Taxation Office called out “record keeping” and “capital gains from crypto assets” as two of four key priorities for its focus this tax season.
Meanwhile, CTC estimates that some 225,000 Australians could have “miscalculated their crypto tax by $4,166 on average in 2021”.
We first covered CTC back in February when we spoke to its co-founder and CEO Shane Brunette and H&R Block to learn about that particular new-at-the-time partnership.
“Crypto is here to stay,” said Brunette back then, indicating H&R Block’s entry to the space as “indicative of the growth and increasing maturity of the crypto industry”.
CTC is clearly looking to partner with big-name entities in the crypto sphere and beyond, with as broad reach as possible. And to help leverage that reach, the firm offers free signups and a 30% discount for Coinbase customers who use the code COINB30 at checkout (valid until January 1, 2023).
Coinbase customers then need to purchase a subscription with CTC to generate the final report.
“The crypto universe is expanding fast and many Australians are confused as to what their tax obligations are,” remarked John O’Loghlen, Country Director at Coinbase Australia.
“Coinbase is committed to making it as easy as possible to understand and file crypto taxes through new integrations like CryptoTaxCalculator, so customers can stay compliant and make more informed decisions.”
Brunette, meanwhile believes the new deal with the exchange will give Coinbase users the “reassurance they need to go into tax time with confidence”.
“Crypto taxes can be confusing at the best of times, which is why the CryptoTaxCalculator team has worked hard on developing a robust Coinbase integration,” added the Aussie fintech CEO.