Luno is a cryptocurrency exchange and digital asset platform which allows users to buy, sell, and store various cryptocurrencies. The CEO, Marcus Swanepoel, and his co-founders Carel van Wyk, Pieter Heyns and Timothy Stranex founded Luno in 2013. It was built to make cryptocurrencies like Bitcoin and Ethereum easily accessible to everyone, and now Luno has a global presence across 40 countries.
We know that crypto is being considered a new asset class, and investment and trading in the crypto space are under tax obligations. But calculating taxes on your can be a difficult task. To solve this problem, automated tax calculation tools such as KoinX are used by many Luno users. KoinX streamlines the tax reporting process and cuts out the scope for errors.
You can easily integrate your Luno account with KoinX by following the detailed guide in this article.
It is assumed that the tiring task of calculating your taxes will be seamless and less time-consuming with KoinX. All you have to do is follow these simple steps to get your transaction data organized and an errorless tax report.
A step-by-step guide on how to generate your Luno tax report with KoinX
Step 1: Log in to your Luno account.
Step 2: On the top right corner, click on the Profile section.
Step 3: Click on the Security option.
Step 4: Click on API keys.
Step 5: Click on Create API key.
Step 6: Give a label to your key and select Read-only access in the Permissions field.
Step 7: Now, log in to KoinX.
Step 8: Click on the Integrations section in the navigation bar.
Step 9: In the search bar, search for Luno and select the exchange.
Step 10: Paste your API and secret keys and hit the Import Now button.
How To Easily Calculate & File Your Luno Taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account.
KoinX is a powerful tax calculation tool that enables you to add all the exchanges and chains you use on a single platform. KoinX supports almost all exchange and chain integrations; follow the steps given above to integrate your Luno account with KoinX.
Step 2: Review your transactions.
When you integrate the account and transfer transaction data, KoinX will process the data. It will summarize your data to review the transactions and identify any irregularities. If you see any warnings about your transactions, you can refer to this article to solve them.
Step 3: Generate your tax reports for the selected financial year
KoinX has the data of all the necessary tax forms for filing. It will generate your tax reports according to the nature of your investments and trades. If crypto is your primary source of income, you may select the Business income option; if it is secondary, you can go with the Capital gains option.
Step 4: File your taxes
The tax reports provided by KoinX are constantly updated according to the regulations given by the tax authority. You can download it in various formats to share with tax professionals and get a review.
Important Things to Consider While Generating Your Luno Tax Report with KoinX
- It would help if you recorded all crypto transactions, including dates, amounts, prices, and fees. In case of external inquiries, it will be helpful.
- To keep the calculation of taxes up to date, you must turn on the ‘sync’ option on your KoinX dashboard. KoinX will automatically fetch the latest transaction of your Luno account.
- Integrating your account with KoinX provides you with a preview of your transaction data and tax reports. This way, you can check for any irregularities in the data and avoid errors.
The days of manually calculating and filing your crypto taxes are over. KoinX provides you with seamless tax calculation without any errors and saves a lot of your valuable time.
Frequently Asked Questions
Do I need to report my Luno for tax purposes?
Yes, you must report your taxes if you are engaged in crypto transactions via Luno or any other exchange. You must follow the tax provisions given by the concerned authority of your country.
Does Luno report to the Income Tax Department?
No, Luno does report users’ taxes to the Income tax department. It is a cryptocurrency exchange that provides users with a platform to buy and sell a wide range of cryptocurrencies. As a company, Luno may have its obligation towards the Income tax department.
Does Luno provide tax reports?
No, Luno does not provide tax reports. It is a crypto exchange that enables users to trade various cryptocurrencies and build a crypto platform. KoinX is the platform that provides accurate tax reports of your crypto portfolio.
How are Luno transactions taxed?
The tax laws and regulations are different in various countries. As the Indian government’s 2022 budget states: trading or spending cryptocurrencies is subject to a 30% profit tax. It also includes 1% TDS.
How does Luno tax reporting with KoinX work?
After you integrate your Luno account with KoinX, it will compute all your gains and losses and then generate an errorless crypto tax report of your transaction data.
What are the most common issues with importing transactions from Luno to KoinX?
When creating a new API for your Luno account, you must select the “read-only option” to avoid permitting alteration of your data. If not selected, it may cause issues and call for an audit or penalty on your portfolio by the authority.
How do I troubleshoot my Luno integration with KoinX?
KoinX provides reliable customer support to help you resolve all your problems. If you run into a problem while following the above-given steps, you can contact support through live chat, social media (Twitter), or email at support@koinx.com.
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