Australian Crypo Tax Crackdown Drives Demand For Tax Software
The Australian Taxation Office has sent out 350,000 emails, creating a nightmare tax crunch for cryptocurrency users with oustanding taxes from 2017. CryptoTaxCalculator, an Australian made crypto tax software company, has recently partnered with one of Australia's leading cryptocurrency exchanges, CoinSpot, to make it easier for users to organise their taxes. CryptoTaxCalculator has seen exponential growth in new users since the ATO emails.
SYDNEY, Oct. 26, 2020 /PRNewswire-PRWeb/ -- The Australian Tax Office (ATO) has reportedly sent out 350,000 emails warning cryptocurrency users that they need to declare their taxes. This turned the topic of crypto tax into a national meme, dominating local social media networks, and even being featured in national parody magazine Betoota Advocate. According to Google trends the search term "crypto tax" has been globally dominated by Australian's scrambling to organize their crypto tax records.
The message was clear to the founder of CryptoTaxCalculator and veteran crypto investor Shane Brunette: "The ATO has fired a warning message to all crypto investors to declare their taxes. The next step will be far less forgiving."
As a result, Australian made CryptoTaxCalculator has recently partnered with Australian cryptocurrency exchange CoinSpot to help users deal with the recent focus on crypto taxes from the Australian Taxation Office.
CryptoTaxCalculator has seen exponential growth in new users. Regarding the increased demand, Shane said, "Although we have been around for two years, we really started to see significant traction after the ATO emails. I think most cryptocurrency users in Australia have been pleading ignorance about their tax obligations, but the market is now more educated about cryptocurrency taxes. There really isn't any more excuse for not doing your taxes."
Calculating taxes on crypto to crypto transactions can take days when done manually. With the new CoinSpot integration, users can have their crypto taxes ready in just 10 minutes. "The Australian taxation system can be complicated enough, but with the ATO requiring you to record your cryptocurrency transactions in Australian dollars this can quickly become a nightmare," said Shane. Users can now export their transaction data via a CSV file or API directly from CoinSpot into CryptoTaxCalculator and generate detailed accountant friendly tax reports in minutes.
CryptoTaxCalculator was founded in 2018 by software engineer Shane Brunette looking for a solution to his own tax nightmare. The product helps crypto users easily calculate their various tax obligations across multiple exchanges and wallets. To date, the company has helped thousands of investors track their portfolio and prepare their tax records.
SOURCE CryptoTaxCalculator
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