Koinly Partners With Swyftx to Simplify Tax Reporting for Australian Crypto Investors

SYDNEY, AUSTRALIA, July 12, 2023/EINPresswire.com/ -- Australia, 10 July 2023: Koinly has announced its partnership with Swyftx, one of the largest cryptocurrency exchanges in Australia.

The collaboration aims to simplify tax reporting for Australian crypto investors and empower them with comprehensive tools to seamlessly fulfill their tax obligations.

As part of the integration, Swyftx users will have convenient access to Koinly's cutting-edge crypto tax reporting platform through single sign-on (SSO). This streamlined experience will enable users to generate accurate tax reports directly from their Swyftx accounts, eliminating the complexities often associated with tracking and reporting crypto transactions.

In addition, Swyftx users will receive a complimentary Koinly crypto tax report, catering to users with up to 500 transactions through their Swyftx account.

Koinly's recent research reveals that 31.6% of Australians currently hold or have held cryptocurrencies, with over 15% being unaware of the necessity to report their crypto transactions to the Australian Taxation Office (ATO) when filing tax returns. Almost half of Australians don't know that they have an obligation to report crypto holdings to the ATO.

Adam Saville-Brown, Regional Head of Koinly in Australia, said the SSO integration and partnership with Swyftx is reflective of Koinly's mission to make crypto tax easy this year for crypto investors.
“After Blockchain Australia Week, which was held across Australian capital cities last week, the message for the industry is to strengthen relationships at a time when the space has experienced immense regulatory scrutiny.

Saville-Brown also emphasised the importance of educating Australians about their obligations concerning digital assets.
"Partnerships such as this demonstrate our commitment to raising awareness and educating individuals about their tax obligations in the ever-evolving crypto space," he added.

Jason Titman, COO at Swyftx noted that Bitcoin’s ‘massive price pump’ this year is going to mean a surprise crypto tax windfall for the Treasury.
“A significant proportion of crypto traders make hundreds of investments over the financial year and a lot of our active traders since January will have realised capital gains,” he said.

“Keeping track of multiple trades can be daunting, but it’s enormously important crypto users don’t bury their heads in the sand. Koinly offers our users a simple solution for producing reliable tax reports and takes any pain out of the process.”

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Liam Thomson
Koinly
+61 411 237 400
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