CoinSpot is one of the most well-known crypto exchange platforms in Australia. It offers one of the most convenient methods of buying different cryptocurrencies. It even offers more than 400 cryptocurrencies and charges the lowest fee of 0.1%.
Users who want to trade, sell or buy crypto can opt for it. But it is also vital for them to choose a tax report software that can file taxes on their behalf. KoinX is one of the most trustworthy sources for it. Users can easily set up their CoinSpot account with KoinX, and it will take care of the rest. It is an automated tax computation source with over 40 million transactions.
Those readers who want to explore the process of integrating CoinSpot with KoinX can find all the information here. It is essential to give the steps a look before they do it.
A step-by-step guide on how to generate your CoinSpot tax report with KoinX
Step 1: Log in to your CoinSpot account.
Step 2: On the top right corner of the profile section, click on API.
Step 3: Click on Generate New API Key.
Step 4: Make sure you give the permissions as in the image below and then click on Create API key.
Step 5: Log in to your KoinX account.
Step 6: Click on the Integrations section in the navigation bar.
Step 7: In the search bar, search for CoinSpot Exchange and select the exchange.
Step 8: Paste your API keys and hit the Import Now button.
How to easily calculate & file your CoinSpot taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account
KoinX makes it possible for users to file taxes for various digital currencies. All they have to do is set up their account with KoinX to begin the tax filing process. For instance, to facilitate CoinSpot tax report generation, it is essential to set up the exchange platform with KoinX first.
Step 2: Review your transactions.
All authentic entities need to adhere to tax laws and regulations. Likewise, KoinX also prepares taxes per the latest laws and rules. It gives a detailed preview of all the losses and profits. The platform even separates all the transactions based on their nature. It ensures an ease with which users can review all of their transactions.
To begin with, users must first select the year for which they want the data. The platform will consider all the data and then produce tax reports accordingly. It will then be more accessible for users to categorize their transactions based on their trading and investment method. They can either segregate them into business income or capital gains.
Step 4: File your taxes
Tax reports are readily available on KoinX for easy download. You can get it in any format you require. It is the only way to eliminate all troubles while filing for taxes.
Important things to consider while generating your CoinSpot tax report with KoinX
Users need to keep some points in mind while integrating CoinSpot with KoinX. These points are as follows:
- Users must begin the sync-up process if they want KoinX to have all the data while preparing tax reports. KoinX can’t get hold of the data itself. This ensures avoiding errors by eradicating all the gaps.
- It is also essential to ensure that all the data has been successfully transferred to the KoinX platform. Users must select the data for tax report generation starting from the date they set up their accounts on CoinSpot.
- Users must give all the data available a good look before it goes for computation by the crypto tax software. It will then assess all the profits and losses and generate an accurate tax report accordingly.
KoinX is the only platform that allows users to file taxes conveniently. The crypto tax software also follows all the latest crypto laws and regulations. It will help users stay compliant with the tax laws. But it is also essential to consider all the above points before beginning the integration process.
Frequently Asked Questions
Do I need to report my CoinSpot transactions for tax purposes?
Yes, you have to report your CoinSpot transactions for tax purposes. Those dealing with cryptocurrency and even earning profit from it must file for taxes. It is because all authentic sources must follow all the tax rules and regulations.
Does CoinSpot report to the Income Tax Department?
No, CoinSpot does not report to the Income Tax Department. It only allows users to trade, sell or buy digital assets. It only acts as a crypto exchange platform for over 400 cryptocurrencies. But as it is a legal and financial entity, it must abide by the rules and regulations for filing taxes of a particular region.
Does CoinSpot provide tax reports?
No, CoinSpot does not provide tax reports. This platform is specifically for trading, selling, or buying different cryptocurrencies. To get hold of tax reports, opting for platforms like KoinX is crucial. KoinX is the only source that facilitates tax report generation free of errors or mistakes. It maintains the accuracy of data.
How are CoinSpot transactions taxed?
All crypto platforms must follow the latest rules and regulations for taxes paid down by authorities. CoinSpot also does the same. It has become imperative for all crypto transactions to bear a 30% tax along with 1% TDS. The Indian Budget 2020 created this rule that all platforms must follow.
How does CoinSpot tax reporting with KoinX work?
As soon as you finish setting up your CoinSpot account with KoinX, it gets hold of all the transactions. Previewing all the data then becomes more convenient. Users can even check for any changes occurring to the data. KoinX will then start with the computation process of all the transactions. This will ultimately give rise to accurate tax reports.
What are the most common issues with importing transactions from CoinSpot to KoinX?
Although integrating CoinSpot with KoinX is simple, there might be some minor issues. To begin with, users have to check whether the file and date for which they want the data are correct. It is also essential for them to double-check the “read info” option while generating the API key. This will prevent any changes from occurring to the data.
How do I troubleshoot my CoinSpot integration with KoinX?
Those needing help figuring out how to integrate CoinSpot with KoinX can refer to the guide here. It is also possible to contact customer support at KoinX. You can chat with them or reach them on Twitter. You can even email them at [email protected].