CoinJar Exchange, geared towards professional traders, offers high-speed cryptocurrency trading with low fees. Unlike their standard platform, this lets you set the price and size of your trades directly through an open order book. This exchange caters to those who want more control over their cryptocurrency buying and selling. Being a professional crypto trader means you don’t have time to calculate your crypto taxes manually.
Here’s where you can use the power of KoinX. It is an automated crypto tax calculating platform serving more than five countries and expanding to more. You simply need to integrate your CoinJar Exchange account, and voila! KoinX will do everything for you, from categorising crypto transactions according to their nature to generating accurate crypto tax reports.
However, the question remains: How will you integrate your CoinJar Exchange account on KoinX? Read this guide to learn the steps in detail.
How To Generate Your CoinJar Exchange Tax Report With Koinx
Step 1: Log in to your CoinJar Exchange account.
Step 2: Once you are in, your screen will display all your transactions.
Step 3: Click on your Profile Icon and select API keys.
Step 4: Now click on ‘Create New Key’
Step 5: Ensure to select the ‘read-only’ permissions and then click on Create Key.
Step 6: Once you have the key, click “Copy to Clipboard.”
Step 7: Log in to your KoinX account.
Step 8: Click on the Integrations section in the navigation bar
Step 9: In the search bar, search for CoinJar Exchange and select the exchange
Step 10: After you select Coin Jar Exchange, you will be redirected to the page below
Step 11: Paste the Secret Key which you have copied on the clipboard and hit Import Now
Step 12: 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 Exchange Taxes with KoinX?
CoinJar Exchange and KoinX have teamed up to bring seamless crypto tax calculations to CoinJar users. This partnership leverages CoinJar’s intuitive cryptocurrency trading platform and KoinX’s advanced tax automation technology to simplify the tax filing process for crypto enthusiasts.
CoinJar users can effortlessly generate precise tax reports by integrating their CoinJar accounts with KoinX. This integration ensures all crypto transactions are accurately tracked and tax liabilities are easily calculated, eliminating the complexities and stress of manual tax reporting.
If you are a CoinJar Exchange user, here’s how you can effortlessly calculate and file your taxes on KoinX.
Step 1: Review Your Transactions
Once you have integrated your CoinJar Exchange account using the above steps, KoinX will automatically import all crypto transactions from the platforms to your profile. After the import is finished, please review all the transactions carefully. The platform will, by default, 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 functions to keep up with all the updated crypto taxation rules across Australia and the UK. Hence, when you click “Generate Tax Report,” you will get an accurate crypto tax report that can be used to file your taxes.
Step 3: File Your Taxes
Once your crypto tax report is generated, you can download it in the preferred format. This tax report can be presented to your dedicated tax consultant for filing of taxes.
Important Things to Consider While Generating Your CoinJar Exchange Tax Report with KoinX
Here is a list of things which you must keep in mind when integrating your CoinJar Exchange account with KoinX:
- Ensure that you select the ‘Read Only’ option when generating the API key on CoinJar Exchange.
- You must copy and paste the secret key into the KoinX website to ensure smooth account integration.
- Do not close your PC or the tax on which the integration is running unless you have received a confirmation email from the KoinX team.
- Review all the transactions carefully before you generate the crypto tax report on KoinX.
In this fast-paced world where earning profit is the primary objective of all traders, entangling themselves in crypto taxes can be hectic. That’s where you can use KoinX to simplify your crypto tax reporting.
Frequently Asked Questions
Do I Need To Report My CoinJar Exchange For Tax Purposes?
Yes, you need to report your CoinJar Exchange 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 Exchange must be reported to the tax authorities.
Does CoinJar Exchange Report To The Respective Tax Departments?
CoinJar Exchange adheres to local regulations by reporting user transactions to the tax authorities in Australia and the UK. This compliance with the Australian Taxation Office (ATO) and HM Revenue and Customs (HMRC) ensures that users can fulfil their tax responsibilities accurately and efficiently.
Does CoinJar Exchange Provide Tax Reports?
CoinJar Exchange itself does not generate tax reports. Instead, users can export their transaction data and utilise platforms like KoinX to create comprehensive tax reports. This allows you to manage your tax obligations accurately and efficiently, ensuring compliance with the latest tax laws and regulations.
How Are CoinJar Exchange Transactions Taxed?
Transactions on CoinJar Exchange are subject to taxation according to Australia and the UK crypto tax laws. Generally, selling or trading cryptocurrencies for a profit incurs capital gains tax. If you receive crypto as income, it’s likely subject to income tax. For accurate tax reporting, consult a tax advisor familiar with cryptocurrency regulations.
How Does CoinJar Exchange Tax Reporting With Koinx Work?
When you connect your CoinJar Exchange API report to KoinX, it will categorise all your transactions based on the nature of the investment and display them on your KoinX dashboard. To view your tax liabilities, you must purchase a paid plan and download your tax report, which can then be provided to a chartered accountant for tax filing.
What Are The Most Common Issues With Importing Transactions From CoinJar Exchange To Koinx?
Start by choosing the proper exchange, i.e., CoinJar Exchange. Then, ensure the API report is downloaded in “Read Only” format. When generating your CoinJar tax report, ensure that you have selected the EdDSA algorithm and provided your public key.
How Do I Troubleshoot My CoinJar Exchange Integration With Koinx?
If you have trouble integrating your CoinJar Exchange tax report with KoinX, please check out our blog for assistance. If you cannot resolve the issue through the blog, you can contact our customer support team via live chat or Twitter. You can also email us your query at support@koinx.com.
