Binance Australia partners with Koinly for tax reports as ATO ramps up compliance
July 22, 2021. Summarized by summa-bot.
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Binance Australia has teamed up with crypto tax reporting company Koinly to help users comply with tax office requirements.
The Australian branch of leading cryptocurrency exchange Binance has increased the ability for users to accurately report tax liabilities amidst increased pressure from local tax authorities.
Binance has partnered with cryptocurrency tax startup Koinly to assist users grappling with ever-increasing tax obligations down under.
The move comes as the Australian Tax Office (ATO) increases its effort to collect taxes on cryptocurrency gains.
In May 2021, the ATO doubled down with its efforts, reminding 100,000 Australian crypto users to report all gains on their tax returns — with a further 300,000 people expected to be prompted to do so as they lodge their returns.
“The ATO is collecting bulk records data from Australian crypto exchanges and comparing it to amounts entered on previous tax returns.
Sam Teoh, of Binance Australia, stated that the crypto community has voiced their concern around tax compliance, adding “with approximately one in six Australians investing in crypto, taxpayers and tax agents alike are on a steep learning curve. ”