Important: BTC Markets does not provide tax advice. The regulatory framework for the taxation of cryptocurrencies can be complex, hence we strongly advise you to contact a professional tax advisor or the ATO for further information about your personal tax circumstances.
Our tax reporting has changed
As of 1st July 2022, BTC Markets has changed the way we assist customers at tax time. For details regarding these changes, please refer to our latest tax blog article: Tax Reporting is Changing at BTC Markets
As the crypto market has continued to evolve, so too has the complexity of crypto tax requirements and our customer’s needs. That's why we think it's best to leave it to the tax professionals who can better ensure your tax reports are complete, accurate and adhering to the latest tax legislation. These changes are designed to ensure you receive the best service at tax time. If you have any questions, our dedicated support team will be happy to assist.
What reports do you provide and where can I find them?
- A wallet balance statement, which is a snapshot of your account holdings at the end of the financial year; and
- A transaction history report for the tax period, which is a breakdown of all the transactions on your account for the specified financial year.
Both reports are available for all financial years since 2017/2018.
If you haven't held any crypto assets during the financial year or made any transactions, not all or any of these reports will be available. Your full transaction history, since account opening, is available via the Transaction History tab.
Please see our Tax Glossory help article for details about what the various names and terms in these reports.
To access these reports in your account:
- login into your BTC Markets account
- select the Account tab from the menu at the top of the page
- select the sub tab Reports for Tax
- Select your desired tax year from the dropdown
- Your year end wallet balance report and tax year transaction history report will be automatically generated and available to download.
Can I integrate with a third-party tax tool using API Keys or CSVs?
Yes, at BTC Markets you have access to both forms of integration.
API Integration (Recommended)
You can set up automatic sharing of your transaction data for tax purposes with some third party tax tools by using our fully-featured API.
How to generate your API Key:
- Sign into your BTCM account
- Click on Account
- Navigate to the API Key tab
- Generate a new API by clicking Add new API key
- Name your API Key e.g. Tax (optional, but recommended)
- Ensure all the dropdown fields are set to READ ONLY
- Click Submit to generate your API key
Your Private API Key
Once you have generated a new API Key, a pop-up will appear showing your unique Private (secret) API Key for Tax Reporting.
Once you have safely stored a copy of your private API key, and copied it across to your chosen third party tax tool, press Okay.
Note: Tax tools require this private API Key. Please ensure you have selected read-only permissions when sharing your API private key. Please also ensure you have saved your secret code before pressing Okay.
Your Public API Key
The details for your public Tax API key will now be displayed under 'Your API Keys'.
You can now view and copy the keys to integrate them with third-party tax tools.
If you need your tax data in csv format to complete your tax computations or integrate with a tax tool, you can download your year end wallet balance reports and transaction history reports for the tax year in csv format from the Reports for Tax page - see 'What reports do you provide and where can I find them?' above for further guidance on how to generate those reports.
If you require your full transaction history, not just for a specific financial year, this can be downloaded in csv format via the Transaction History tab using the Export to CSV button.
Third Party Tax Specialists
BTC Markets has integration options with a number the best-in-class crypto tax specialist tools.
A lot of providers offer a free tax reporting service for those with basic needs or small number of crypto transactions during the financial year. Paid options are also available for those requiring more complex tax reporting.
Some of the third-party providers that have direct integrations with BTC Markets are:
CryptoTaxCalculator is an Australian tax reporting platform that helps investors, traders and accountants relax at tax time by providing clear and secure records of their crypto activity.
Identify, track and organise all your crypto activity across hundreds of exchanges, wallets and blockchains with ease and accuracy.
Koinly is a global Crypto Tax tool, catering to investors and traders at all levels. Whether it’s Crypto, DeFi or NFTs, Koinly can save you valuable time by reconciling your holdings to generate an ATO compliant tax report. Offering seamless integration with over 600 wallets, exchanges and services, most users are able to generate their full suite of reports in under 20 minutes.
Navexa is an independent portfolio tracking & tax reporting platform helping thousands of investors track their crypto and stocks in a single account. Track & analyze your portfolio's capital gains, income, currency gains, trading fees, and more.
Save 10% by using the BTC Markets discount link when you start automating your crypto tax reporting with Navexa today.
Navexa Discount Link: www.navexa.io/a/btcmarkets
Vault Accounting is an advisory-focused accounting firm specialising in blockchain. They have extensive experience servicing individual, institutional and SMSF clients running cryptocurrency businesses in addition to trading and investing in cryptocurrencies. Vault can assist with investment reporting, structuring, or can provide a customised full-service tax preparation solution.
Save 10% when arranging a Vault Accounting quote by advising that you're a BTC Markets customer.
CoinLedger is a crypto tax and portfolio tracking software supporting tax calculations in Australia, the US, and other countries around the world. CoinLedger can calculate your taxable income from capital gains, NFTs, and DeFi transactions in just a few minutes, allowing easy export of information into tax filing software, while maintaining a detailed audit trail report of your transactions. Join over 300,000 global users, and sign-up to CoinLedger today.
Frequently Asked Questions?
Do I need to engage a crypto tax professional?
It's really up to you. You may choose to do your own crypto tax computations from the transaction data provided, or you may wish to seek advice from a certified tax professional/service. As each customers financial position is unique to them, BTC Markets is unable to provide any tax advice, and strongly advises customers that need help with their tax to seek assistance from a tax professional.
If you are looking to engage a specialist crypto tax provider, BTC Markets has direct integration options with most major crypto tax tools including: CryptoTaxCalculator, Koinly, CoinLedger and Navexa. For most specialised and customised accounting needs, we partner with Vault Accounting where customers can receive a 10% discount (see the section 'Third Party Tax Specialists' above for details).
Are there any fees for filing taxes via the third-party vendors?
It varies between providers and the level of service needed. A lot of third-party tax tools offers free versions (some with feature limitations), and paid services if more complex tax computations or additional features are required.
If you are looking to engage a specialist crypto tax provider, BTC Markets is sometimes able to negotiate great discounts with the biggest crypto tax tools on the market, so please keep an eye out for the latest tax updates (all currently available discounts will be displayed in this help article, and in the Reports for Tax section in your BTC Markets account).
Where can I find further guidance on Crypto Tax?
You can find more information about crypto tax on the ATO’s website: here
If you require tax advice, BTC Markets strongly advises that you seek assistance from a certified tax professional.