KPMG Australia and Independent Reserve, the largest Australian cryptocurrency exchange, have developed a new tool to help the traders of cryptocurrencies better understand their tax liabilities.
The Crypto Tax Estimator developed by KPMG is a digital tool that plugs directly into Independent Reserve’s user interface, allowing traders to estimate tax obligations on their portfolio all with just the click of a button. Initially conceived during a KPMG Hackathon, the technology was developed based on the combined expertise from KPMG’s tax technology, tax, risk and compliance, and blockchain specialists.
The Crypto Tax Estimator is an Application Programming Interface (API) that enables Independent Reserve to provide their users an estimate of their potential tax exposure in real-time, based on the users’ buy/sell transactions on the exchange. The tool covers all cryptocurrencies exchanged on Independent Reserve, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin and XRP.
Commenting on the announcement, Independent Reserve CEO Adrian Przelozny said: “The roll out of the Crypto Tax Estimator tool is a huge leap forward for guidance on tax implications within crypto trading. The Australian Tax Office (ATO) has made it clear that anyone involved in acquiring or disposing of crypto assets needs to be aware of the tax consequences, this tool provides our customers for the first time with a simple way to view this information.”
“While there are other websites and tools available, this is the first bespoke API to plug directly into a crypto exchange that is backed by a global professional services firm,” Mr Przelozny added.
Currently, the Crypto Tax Estimator is exclusively available to traders on Independent Reserve.
About Independent Reserve
Launched in 2013, Independent Reserve is one of the first digital currency exchanges in Australia with the mission of transforming cryptocurrency technology into secure, robust and regulated financial services. As an industry member of the Australian Digital Commerce Association, we are committed to institutionalising the cryptocurrency industry and making it more accessible to all.
For more information about pricing and fees on using the KPMG Crypto Tax Estimator, visit Independent Reserve’s factsheet here.
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