Founded with a vision to simplify crypto trading in Australia, Digital Surge offers a seamless platform for buying, selling, and managing digital assets. Known for its easy-to-use interface and local customer support, it empowers users with tools to trade over 200 cryptocurrencies safely and efficiently. However, the complexities of tax reporting can add a layer of stress to crypto investing.
Enter KoinX – a powerful crypto tax solution that automates tax calculations by classifying your transactions with precision. Integrated with Digital Surge, KoinX enables users to generate accurate, hassle-free tax reports.
Are you ready to simplify your tax reporting? Here’s a step-by-step guide on using KoinX with Digital Surge
A Step-By-Step Guide On How To Generate Your Digital Surge Tax Report With KoinX
There are two ways to integrate your Digital Surge tax report:
Integration Using API File
Step 1: Navigate to the Digital Surge dashboard and log in to your account using your credentials.
Step 2: Once you are logged in, click on the menu bar displayed as ‘☰’ on the top right side of the screen.
Step 3: From the dropdown menu select ‘API Key.’
Step 4: Then, click on Create a New API Key, and create a ‘Read Only’ key.
Step 5: In the next step you will be asked to enter your Two-Factor Authentication Code or SMS code for security
Step 6: Once you have entered the code, your key will be displayed. Copy that code and paste it into a safe docx file.
Step 7: In a new tab, visit KoinX and log in to your account.
Step 8: Click on the Integrations section in the navigation bar
Step 9: In the search bar, search for Digital Surge and select the exchange name.
Step 10: Once you’ve selected Digital Surge, you’ll be prompted to import your data. Choose the API Key option, then click on “Advanced” to set the import transactions start date, ensuring it includes all transaction data from your Digital Surge account.
Step 11: Copy the API key from your Digital Surge account, paste it into the API key field on KoinX, and click “Import Now.”
Note: The syncing process might take a few minutes.
That’s all! Your Digital Surge trading activity will now sync automatically with your KoinX account
Integration Using Transaction History
Step 1: Navigate to the Digital Surge dashboard and log in to your account using your credentials.
Step 2: Once you are logged in, click on the menu bar displayed as ‘☰’ on the top right side of the screen.
Step 3: From the dropdown menu select ‘Transaction History.’
Step 4: In the Transaction History section, select ‘Trades History.’
Step 5: Now select the date range from 01st July to 30th June of the respective financial year. Ensure the dates are in DD/MM/YYYY format, i.e., 01/07/2023.
Step 6: Once you have selected the range, scroll down and select ‘CSV as the file format.’
Step 7: Once the date range and file format have been selected, click on ‘Export History’ to to download your transaction data.
Step 8: In a new tab, visit KoinX and log in to your account.
Step 9: Click on the Integrations section in the navigation bar
Step 10: In the search bar, search for Digital Surge and select the exchange name.
Step 11: After you select Digital Surge, you will be redirected to the page below. Upload the downloaded transaction history in the space marked below.
Step 12: Once the upload is complete click on ‘Submit’ and start the integration process.
Step 13: 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 Digital Surge Taxes with KoinX?
Here’s how you can easily calculate your Digital Surge taxes with KoinX:
Step 1: Integrate Your Accounts
Connect all your crypto exchanges and wallets to your KoinX account to generate detailed tax reports. KoinX supports over 270 platforms, including Digital Surge. Refer to our integration guides to get a thorough idea of integrating different platforms on KoinX.
Step 2: Organise And Review Transactions
After linking all your accounts, the next step is to organise and review your transactions. KoinX’s user-friendly interface automatically categorises and verifies your trading data quickly. Accurately calculating your gains and losses, ensuring you comply with the latest tax regulations.
Step 3: Generate Tax Reports For The Financial Year
KoinX simplifies your crypto tax obligations by generating clear, easy-to-understand tax reports. You can categorise your trades as either Capital Gains or Business Income. Choose Capital Gains if you invest in crypto for returns and Business Income if crypto trading is your primary source of income.
Step 4: File Your Taxes
After generating the tax report, import it into the appropriate tax filing software or give it to your tax professional for swift and efficient filing.
Important Things to Consider While Generating Your Digital Surge Tax Report with KoinX
Here is a list of things which you must keep in mind when integrating your Digital Surge account with KoinX:
- Ensure all your data and accounts are appropriately integrated with KoinX.
- Select the proper Start and End Date to generate an accurate tax report.
- The file downloaded should be in CSV format only
- Please note that KoinX does not fetch trades from Digital Surge in real-time. To ensure your latest transactions are accurately synced, generate and upload the latest ‘Transaction History’ per the instructions above.
- Download transaction reports from the beginning of your Digital Surge account to identify any missing transactions, ensuring accurate and complete calculations.
- Ensure you have uploaded the current Transaction History on KoinX.
KoinX aims to simplify crypto tax responsibilities, letting you focus on profits without worrying about taxes and their complexities. So, sign up today on KoinX for streamlined crypto tax management.
Frequently Asked Questions
Do I Need To Report My Digital Surge Transactions For Tax Purposes?
Yes, you must report your Digital Surge transactions for tax purposes, as cryptocurrency is treated as taxable property in Australia Any gains, losses, or income from crypto trading on platforms like CoinJar Exchange should be declared to the tax authorities.
Does Digital Surge Report To The Income Tax Departments?
Digital Surge meets its legal and regulatory obligations by carefully reporting financial transactions to the Income Tax Department. This commitment to transparency and compliance creates a secure environment, boosting user confidence and trust.
Does Digital Surge Provide Tax Reports?
No, Digital Surge does not directly provide crypto tax reports. However, it has partnered with KoinX, an automated platform that generates accurate crypto tax reports from over 270 exchanges, wallets, and blockchains.
How Are Digital Surge Transactions Taxed?
Any transaction from the Digital Surge exchange is taxed as per the Australian 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 Digital Surge Tax Reporting With KoinX Work?
After integrating your Digital Surge account with KoinX, it categorises your transactions for review and calculates all gains and losses. Once you review the data, KoinX generates an accurate crypto tax report based on your transactions. You can then download the tax report or share it directly from KoinX.
What Are The Most Common Issues With Importing Transactions From Digital Surge To KoinX?
One common issue you might encounter when importing transactions from Digital Surge to KoinX is account integration failure. Additionally, please upload the specific file for the current financial year if you wish to file your taxes.
How do I troubleshoot my Digital Surge integration with KoinX?
If you need any help with the Digital Surge account integration with KoinX, please carefully review the steps outlined in our guide. If you are unsatisfied with the guide, contact us via Twitter or email us at support@koinx.com for further assistance.
