CoinTracking Adds Tax Support For Swyftx Traders

April 08, 2021, 12:00 PM AEST - 3 months ago

Users of Swyftx, one of the leading cryptocurrency trading platforms in Australia, can now benefit from a service to help them cut down on the hours spent filling out spreadsheets to comply with the tax office requirements.

Since the ATO declared cryptocurrencies as a form of property – therefore making holdings and gains taxable – a sizable amount of traders were reluctantly torn away from candles and graphs to a possibly less fun type of tracking.

Importing Your Transaction Data

Although there are a number of software tools that can help you easily import your transaction data to help you calculate what you may owe the taxman, an integration with a platform you might already be using may help you save some more time.

Earlier this week, CoinTracking announced their integration of the Swyftx API, which will allow Swyftx users to track their trades for any and all purposes.

Considered the world’s first tool dedicated to crypto tax reporting, the team at CoinTracking boasts over a hundred tax professionals that are regularly consulted with to ensure users are kept up to speed.

CoinTracking was founded in 2012 and went online in April 2013 as the world’s first cryptocurrency tax reporting tool and portfolio manager. The company was started with the goal of making cryptocurrency traders’ lives easier – not only during tax season. Since its inception, CoinTracking has accumulated over 802,000 users with currently 24.7 billion US-Dollars total worth of all portfolios. Its worldwide professional network consists of more than 160 tax advisors and tax lawyers to assist with international tax filing.

CoinTracking

On their end, Swyftx – as they call themselves, “the Australian Crypto Exchange that gives a ****” – have shown yet again their commitment to improving the trading experience for their users.

If you’ve been putting off filings out of a sense of dread when confronted with endless rows of numbers, this fresh implementation might be what you need.

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