Crypto.com will now provide tax reporting services for Australian crypto users 

Residents of the U.S., Canada, and Australia will now be able to generate tax reports using Crypto.com. 

The crypto exchange platform has rolled out a free tax reporting service for crypto users who are residing in Australia. 

In a statement released by Crypto.com, it said that it has modified its tax services for U.S. and Canada-based crypto users to provide more convenience for its Australian customers. Through this new service, Australians can now accurately report their cryptocurrency assets on their taxes. 

Crypto.com also assured that it has consulted its team of tax advisers to ensure that the new service is in line with the current laws in Australia. 

Much-needed convenience

Users of the Crypto.com platform can now import their crypto transaction records into a tax reporting platform such as TokenTax so they can send reports to the authorities. 

The Internal Revenue Service in the U.S., the Canada Revenue Agency, and the Australian Tax Office are the authorized entities to receive these reports. Crypto.com also highlighted that this service is free of charge.

Accounts on other exchanges needed

Before users can take advantage of the service, first, they must have accounts on crypto exchanges supported by Crypto.com such as Binance, Binance.US, Coinbase, Bitbuy, Kraken, and others to use the service. 

It was reported that Australian authorities are considering the possibility of liquidating crypto holdings as a capital gains event so these assets could be taxed properly. But cryptocurrencies used for purchasing goods and services in Australia are not taxed.

Last May of this year, the Australian Tax Office reminded crypto exchanges to accurately report their profits, because failing to do so would have a corresponding legal response from the government. 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/crypto-com-will-now-provide-tax-reporting-services-for-australian-crypto-users/