CoinJar, launched in 2013, is a leading and trusted cryptocurrency exchange platform. It is known for its user-friendly interface, competitive fees, and robust security features. It caters to crypto traders residing in the UK and Australia.
So, if you are a crypto trader from the UK or Australia, you must file crypto taxes at the end of each financial year. It is where KoinX appears to be the hero. You can use KoinX to generate accurate crypto tax reports per your country’s crypto tax rules. It supports integrations from over 280 platforms, including CoinJar.
This article details integrating your CoinJar account with KoinX and quickly generating crypto tax reports.
How To Generate Your CoinJar Tax Report With Koinx
Step 1: Log in to your KoinX account.
Step 2: Click on the Integrations section in the navigation bar
Step 3: In the search bar, search for CoinJar and select the exchange
Step 4: Now Select the “Direct Connect” option on the screen and click on Connect CoinJar.
Step 5: Once done, you will be redirected to the CoinJar login page.
Step 6: Fill all your login credentials and press ‘Sign In’
Step 7: Done! You will now be automatically redirected to the KoinX page, and all your transactions will be added to KoinX within a couple of minutes.
Step 8: Once the integration is complete, you will receive a confirmation notification and be redirected to the overview page to view your tax invoices.
How To Easily Calculate & File Your CoinJar Taxes with KoinX?
CoinJar and KoinX have joined forces to simplify crypto tax calculations for CoinJar users, marking a significant milestone in cryptocurrency management. This partnership leverages CoinJar’s intuitive digital currency exchange platform with KoinX’s cutting-edge automated tax calculation services.
Integrating KoinX will allow you to generate accurate tax reports, eliminating the complexities often associated with crypto tax filing. This collaboration will enhance user experience and ensure compliance with tax regulations, providing peace of mind to cryptocurrency investors.
Here’s how you can effortlessly calculate and file your taxes on KoinX if you are a CoinJar user.
Step 1: Review Your Transactions
Once the integration is complete, KoinX will automatically import all crypto transactions from the platforms to your profile. After the import is finished, please review all the transactions carefully. KoinX will automatically classify all the transactions based on the nature of their occurrence, such as crypto mining, crypto staking, airdrop or crypto trading.
Step 2: Generate Your Tax Reports For The Selected Financial Year
KoinX works effortlessly to keep up with all the latest taxation rules across different countries. Hence, hitting “Generate Tax Report” will give you a 100% accurate crypto tax report, which you can use to file your taxes directly.
Step 3: File Your Taxes
Once you have the crypto tax report, download it in your preferred format. This tax report can be presented to your dedicated tax consultant.
Important Things to Consider While Generating Your CoinJar Tax Report with KoinX
Here is a list of things which you must keep in mind when integrating your CoinJar account with KoinX:
- Please select ‘Direct Connect’ when integrating your CoinJar account on KoinX.
- Do not exit the window/tab unless the CoinJar account is properly synced with KoinX. Once done, you will receive a confirmation email from the KoinX team.
- Review all the transactions properly before you generate your crypto tax report on KoinX.
You don’t have to perform manual calculations of crypto taxes anymore; use KoinX to make your journey with crypto taxes easier than before.
Frequently Asked Questions
Do I Need To Report My CoinJar For Tax Purposes?
Yes, you need to report your CoinJar transactions for tax purposes. Cryptocurrency is considered a taxable property in Australia and the UK. Hence, any gains, losses, or income from your crypto trading activities on CoinJar must be reported to the tax authorities.
Does CoinJar Report To The Respective Tax Departments?
Yes, CoinJar complies with regulatory requirements and reports to the respective tax authorities in Australia and the UK. This ensures transparency and helps users meet their tax obligations by providing necessary transaction data to the Australian Taxation Office (ATO) and HM Revenue and Customs (HMRC).
Does CoinJar Provide Tax Reports?
No, CoinJar does not provide tax reports directly. However, you can export your transaction history and use third-party services like KoinX to generate accurate tax reports. This ensures you stay compliant with tax regulations by efficiently calculating your crypto taxes based on your CoinJar transactions.
How Are CoinJar Transactions Taxed?
CoinJar exchange transactions are taxed based on your country’s regulations. If you are in Australia, you can read our tax guide here. Similarly, for UK citizens, here is our detailed crypto tax guide on the UK. Typically, capital gains tax applies when you sell or trade cryptocurrencies for a profit. Income tax may also apply if you receive crypto as payment.
How Does CoinJar Tax Reporting With Koinx Work?
Connect your CoinJar account to KoinX using the Direct Connect option. The platform will then categorise transactions, which you can view on your KoinX dashboard. Purchase a paid plan to download your tax report to view tax liabilities. Provide the downloaded report to a chartered accountant for tax filing.
What Are The Most Common Issues With Importing Transactions From CoinJar To Koinx?
The most common issue with importing transactions from CoinJar to KoinX is that users forget to select the Direct Connect option when integrating their accounts. Secondly, you must not close the window unless the integration is complete.
How Do I Troubleshoot My CoinJar Integration With Koinx?
If you encounter issues integrating your CoinJar tax report with KoinX, please refer to our blog. If the blog doesn’t resolve the problem, you can contact our customer support through live chat or write to us on Twitter. You can also email us your query at support@koinx.com.
