Prominent cryptocurrency exchange, Crypto.com has expanded its horizons and has dived into Australian shores with its tax reporting service.
As the crypto market witnessed significant growth over the last couple of months, almost every platform part of the industry followed suit. The surge in the popularity of the industry caused an array of crypto platforms to flourish. The focus shifted to exchanges and they were required to be on their best game. The fervor around the industry hasn’t subsided hence crypto exchanges were expected to expand. Keeping the same in mind. prominent exchange, Crypto.com went on to roll out tax services for its Australian users.
The exchange, in a recent announcement, revealed that it had launched a free tax reporting service for its Aussie customers.
Crypto.com takes its tax reporting service to Australia
While the exchange has already been offering this service for its customers in the United States as well as Canada, Australia would be its latest region. With this service users would be able to file taxes without much hassle in an easy manner, the exchange claims. Alongside this, the tax reporting service would be free of cost for Crypto.com users.
Elaborating on the procedure the announcement further read,
“Users can import crypto transaction records from supported exchanges and wallets by uploading a CSV file, or using API synchronisation with major platforms like the Crypto.com App. In a matter of minutes, Crypto.com Tax is able to provide users with an estimation of taxable gains/losses on relevant crypto transactions, which can then be downloaded for tax filing in the reporting format of their choice.”
Additionally, users would be able to generate an array of things including, transaction history, organized and accurate tax reports. short and long-term capital gains as well as losses, and crypto-related taxable and non-taxable transactions. Furthermore, this service offered in Australia was reportedly formulated keeping in mind the region’s tax requirements.