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<p>The curtain has just fallen on another financial year, and Australian crypto investors now find themselves at a familiar crossroads — navigating the complexities of declaring their crypto activities for tax purposes. With the Australian Taxation Office (ATO) intensifying its scrutiny on crypto transactions, ensuring accuracy in your tax declaration has never been more critical.</p><p>This year, we’ve partnered with<a href="https://www.syla.com.au/" rel="noopener noreferrer" target="_blank"> <u>Syla</u></a>, to provide some tips for a hassle-free tax reporting.</p><h2><strong>Understanding your crypto tax obligations</strong></h2><p>Before diving into the mechanics of calculating your crypto taxes, let's address the elephant in the room: Why do crypto investments concern the ATO?</p><p>Well, the ATO treats cryptocurrency as a form of property and subjects it to Capital Gains Tax (CGT). This means if you've sold, traded, spent, or gifted crypto, you're required to declare any capital gain or loss from those transactions.</p><p>Now, many investors believe that if they don’t withdraw their profits to an Australian bank account, they aren’t liable for tax.</p><p>This, unfortunately, is a pitfall you need to avoid.</p><p>The ATO requires reporting on all gains, regardless of whether they're converted to AUD or not. Every transaction — no matter how small — needs to be tracked and reported.</p><h2><strong>Steps to calculate your crypto taxes</strong></h2><h3>1. Collect your transaction history</h3><p>Record keeping is key. You can start by logging in to your Coinstash account, and downloading a copy of your transaction history from the Transactions page. This statement includes every trade, sale, purchase, and any other transactions which occurred on your account and is designed to meet the ATO record keeping requirements for cryptocurrency.</p><p>If you use Syla or another crypto tax software, you can also sync your transactions directly by setting up an API sync directly from Coinstash. This is also a great way to keep track of your tax position through the year.</p><h3>2. Select the right crypto tax software</h3><p>When it's time to determine your capital gains or losses — essentially, the fluctuation in value from when you acquired your cryptocurrency to when you parted with it — you need something dependable to avoid unnecessary headaches, a crypto tax software.</p><p>When deciding which crypto tax calculator to select, you should consider the following:</p><ul><li>Has the software been designed for Australian tax?</li><li>What is the cost, particularly if you have a lot of transactions?</li><li>Does it do any tax optimisation for you?</li></ul><p>We recommend giving Syla a go. It’s an Australian company, and their<a href="https://www.syla.com.au/" rel="noopener noreferrer" target="_blank"> crypto tax calculator</a> has been designed specifically to handle Australian tax, it also has built-in tax optimisation to help reduce your taxable income.</p><h2><strong>Strategic approaches to minimise your crypto tax bill</strong></h2><h3>3. Leverage tax-loss harvesting</h3><p>One effective strategy to reduce your crypto tax liability is tax-loss harvesting. This involves selling cryptocurrencies that are at a loss and using these losses to offset your capital gains. It’s a practical approach that can optimise your tax outcome, but timing and careful calculation are essential. Make sure you’re not doing a wash sale where you sell and immediately rebuy the same assets.</p><h3>4. Hold assets to benefit from long-term gains</h3><p>Assets held for over a year typically qualify for a CGT discount — currently, this is 50% for individuals. This means holding your cryptocurrency for the long term can decrease the tax you owe on gains. This strategy requires patience and some tolerance for market fluctuations.</p><h3>5. Regularly review and plan your crypto portfolio</h3><p>Effective tax planning shouldn’t happen once a year. Instead, it should be an ongoing process. Regular reviews of your crypto portfolio can help you make informed decisions throughout the entire year. Not only does this prepare you for tax time, but you’ll also align closely with best investment practices.</p><h2><strong>Accurate reporting to sort out your tax return</strong></h2><h3>6. Lodging your tax return</h3><p>When it's time to lodge your tax return, accuracy is key. Your tax software will help you to generate a Crypto Tax Report containing all of your tax outcomes. This detailed and precise documentation is invaluable and can be provided to your tax agent, or you can use it yourself to self-lodge your own tax return.</p><h3>7. Stay informed on regulatory changes</h3><p>The landscape of cryptocurrency taxation is ever-evolving. Staying updated with the latest ATO guidelines and regulatory changes is crucial and is a responsibility that you need to take seriously. Using software that is always updated to reflect the latest regulations provides you with peace of mind and an assurance of compliance.</p><h2><strong>Tax wrap-up</strong></h2><p>As the Australian crypto landscape continues to evolve, so does the intricacy of crypto taxation. But with the right tools and approach, declaring your crypto taxes doesn't have to be daunting. By leveraging the power of crypto tax software, you can embrace the new financial year with open arms and a clean tax slate, knowing that you’re well-prepared to meet your obligations without the hassle.</p><h2><strong>About Syla</strong></h2><p>Syla is an Australian crypto tax software and an official tax partner for Coinstash. Created by a team of tax professionals, you can get your ATO crypto tax report which is optimised to save you tax.</p><ul><li>Best value - affordable plans supporting up to 100,000 transactions.</li><li>Maximise your tax savings - using Syla’s proprietary LTFO method.</li><li>Private wealth - support for company, trust and SMSF accounts.</li></ul><h2>Special offer</h2><p>Use the code STASH5 at checkout to get your first year of Syla’s Budget Plan for only $5. Valid until 31 July 2024.</p><p>Use the code STASH50 at checkout to get 50% off your first year on any Syla plan. Valid until 31 October 2024.</p><p>For more detailed guidance on managing your crypto taxes, visit<a href="https://syla.com.au/" rel="noopener noreferrer" target="_blank"> <u>Syla's official website</u></a>.</p><p><br></p>

<p><strong style="font-size: 10px;">Disclaimer</strong><span style="font-size: 10px;">: This article and its contents are intended for informational purposes only, and do not constitute financial advice from TWMT Pty Ltd, trading as Coinstash AU ("Coinstash"). Coinstash is not a licensed financial advisor and does not provide financial advice. You should consider seeking financial, legal, tax or other professional advice to check how the information relates to your unique circumstances. Coinstash shall not be held responsible or liable for any losses, whether due to negligence or otherwise, stemming from the use of, or reliance upon, the information provided directly or indirectly in this article.</span> </p>

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How to buy Coq Inu (COQ) in Australia on the Coinstash platform. Coinstash is a secure and user-friendly cryptocurrency exchange.

How to buy Coq Inu (COQ) in Australia

On Track for Your 2024 Tax Return: A Stress-Free Guide for Investors

<p>Dear Coinstashers,</p><p>We are excited to announce that Coinstash has added DeFi support for the Solana ecosystem!</p><p>Coinstash users can now seamlessly buy and sell Solana tokens (SPL) directly on our platform. This addition builds on our existing support for networks like Ethereum, Polygon, Avalanche, BNB, and many others, further simplifying your crypto investing experience.&nbsp;</p><p>The Solana ecosystem has seen a remarkable surge in popularity over the past year, giving rise to many of this year's most talked-about tokens. With this integration, accessing the latest and most popular Solana tokens is now easier than ever. Whether you’re interested in newly emerging tokens or established favourites, Coinstash provides a secure and convenient gateway to explore the dynamic world of Solana.</p><h2><strong><em>Only Possible on Coinstash</em></strong></h2><p>Until now, Australian crypto traders and investors who wanted access to the Solana ecosystem had to navigate the complexities of managing multiple crypto wallets, apps, or browser extensions to keep track of their assets across various platforms. With this Solana DeFi integration, Australians can now access the world of Solana effortlessly. Our built-in DeFi aggregator allows you to buy and sell SPL tokens directly on Coinstash. We are proud to be the only centralised Australian crypto exchange with native DeFi technology, enabling you to trade DeFi tokens across multiple networks from one secure platform.</p><h2><strong>Seamlessly Trade Solana Tokens Now</strong></h2><p>To start trading Solana tokens, simply <a href="https://coinstash.com.au/auth/signup" rel="noopener noreferrer" target="_blank"><u>sign up</u></a> or <a href="https://coinstash.com.au/auth/signin" rel="noopener noreferrer" target="_blank"><u>login</u></a> to your Coinstash account and select your preferred Solana-based token to trade.&nbsp;</p><p>For any assistance or queries regarding Solana Swaps, feel free to contact our customer support team.</p><p>Happy Trading!</p><p>The Coinstash Team</p>

Coinstash Introduces Support for the Solana Ecosystem

<h1><strong>Best Crypto-Friendly Banks in Australia</strong></h1><p>Most major Australian banks have introduced restrictions on customers interacting with cryptocurrency exchanges in recent years. If you've traded crypto using a centralised exchange, you've likely faced challenges transferring Australian dollars (AUD) to and from these platforms. Based on our anecdotal discussions with crypto investors, this article summarises their banking experiences when transferring funds to exchanges.</p><p><strong>Key Takeaways</strong></p><ul><li><strong>Crypto Friendly Banks</strong>: According to our survey participants, ING, ANZ, and NAB are generally more accommodating of crypto transactions and offer better support for crypto users.</li><li><strong>Less Friendly Options</strong>: Based on our findings, CBA, Westpac and Macquaire are less supportive, making them more challenging for crypto users.</li><li><strong>Varied Policies</strong>: Most major Australian banks have different policies towards cryptocurrency transactions.</li></ul><h2><strong>The Australian Banking Landscape for Crypto Investors</strong></h2><p>Our anecdotal discussions with cryptocurrency investors have revealed a complex and varied banking landscape in Australia when it comes to transferring funds to exchanges. While some banks are supportive, others maintain more restrictive stances. However, despite their public stances, our respondents observed a lack of consistency between their public comments and their actual policies.&nbsp;</p><p>While these measures aim to protect consumers, they often hinder legitimate crypto traders and investors. These restrictions can lead to delays in processing payments, blocks on certain transactions, and even the termination of banking services. These barriers pose significant challenges for those seeking to actively participate in the crypto market.</p><p>To help you navigate this complex landscape, we have summarised which banks our survey participants thought were the most crypto-friendly.&nbsp;</p><h2><strong>Crypto-Friendly Banks Australia</strong></h2><h3><strong>ING</strong></h3><p>Our survey results indicate that ING is considered a crypto-friendly bank. They have no official restrictions on payments to and from crypto platforms or specific exchange platforms. Our research indicates that ING customers generally experience fewer issues with transfers to Coinstash compared to other banks.</p><p><strong>Pros</strong>:</p><ul><li>&nbsp;Fewer incidents of delays in transferring funds to Coinstash.</li></ul><p><strong>Cons</strong>:</p><ul><li>Deposits exceeding $1,000 may get delayed up to one business day.&nbsp;</li><li>Does not support business accounts, limiting its suitability for professional crypto traders or businesses involved in cryptocurrency.</li></ul><h3><strong>ANZ</strong></h3><p>ANZ is well-regarded as a crypto-friendly bank based on our survey feedback. They do not impose specific transfer limits to Coinstash. However, transactions may occasionally be delayed or held for review. New customers, in particular, might experience delays as their transactions undergo review by their fraud team.</p><p><strong>Pros</strong>:</p><ul><li>No rigid transfer limits.</li></ul><p><strong>Cons</strong>:</p><ul><li>Initial transactions might encounter delays and require interactions with the bank’s security team to resolve.</li></ul><h3><strong>NAB</strong></h3><p>According to our survey participants, NAB is generally viewed as a crypto-friendly bank. Our findings indicate that NAB is less accommodating towards certain high-risk international exchanges, consistent with their <a href="https://www.nab.com.au/about-us/security/cryptocurrency-transaction-changes" rel="noopener noreferrer" target="_blank"><u>stated policies</u></a><u>.</u> However, they are notably more supportive of reputable and registered Australian exchanges, such as Coinstash.</p><p><strong>Pros</strong>:</p><ul><li>Willing to discuss flagged transactions with customers.</li></ul><p><strong>Cons</strong>:</p><ul><li>There is a daily transaction limit of $40,000, which could be restrictive for users making larger transactions.</li></ul><h2><strong>Banks Less Friendly to Crypto</strong></h2><p><strong>Commonwealth Bank (CBA)</strong></p><p>Our survey results indicate that CBA is less friendly towards crypto exchanges. This aligns with <a href="https://www.commbank.com.au/support/security/cryptocurrency-payments.html" rel="noopener noreferrer" target="_blank"><u>recent statements from CBA</u></a>, which outline a limit on payments to crypto exchanges, capped at $10,000 per calendar month per account. Additionally, anecdotal evidence from our findings suggests that transfers to cryptocurrency exchanges may result in account closures.</p><p><strong>Cons</strong>:</p><ul><li>$10,000 monthly cap on crypto transactions per account, which can be limiting for active traders and investors.</li><li>Transfers to cryptocurrency exchanges may potentially result in account closure.</li></ul><h3><strong>Westpac</strong></h3><p>Westpac maintains a conservative stance on digital assets and has no official policy towards crypto transactions. In their <a href="https://www.westpac.com.au/about-westpac/media/media-releases/2023/18-May/" rel="noopener noreferrer" target="_blank"><u>press release</u></a> from May 2023, Westpac announced that crypto transactions would be severely restricted in the name of scam protection. However, this policy is vague about the specific measures introduced. Westpac customers from our survey report delays when transacting with certain international platforms, but satisfactory experiences with Australian exchanges. This inconsistency between official policy and actual user experiences makes Westpac a less reliable choice for regular crypto transactions.</p><p><strong>Cons</strong>:</p><ul><li>Inconsistent experiences may make it unreliable for regular crypto use.</li></ul><h3><strong>Macquarie Bank</strong></h3><p>Macquarie Bank also has no official policy on crypto transactions and has provided very few comments on the subject. Anecdotal evidence from our survey presents a mixed story among users. Some report successful transactions, while others recount experiences of being debanked.&nbsp;</p><p><strong>Cons</strong>:</p><ul><li>Varied customer experiences make it challenging to predict transaction success.</li></ul><h2><strong>Closing Thoughts</strong></h2><p>Navigating the Australian banking landscape as a crypto investor can be challenging due to varying policies and restrictions. Based on our survey findings, banks like ING, ANZ, and NAB offer more supportive and flexible environments for crypto transactions. In contrast, others like CBA, Westpac, and Macquarie Bank provide little clarity on their policies and present potential hurdles for users. Understanding these differences is crucial for making informed decisions and finding the most suitable banking partner for your cryptocurrency activities.</p>

Best Crypto-Friendly Banks in Australia

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Crypto Chronicle - 06/06/24

<p>We’re proud to name Coinstash the winner of the ‘Altcoins’ award in the <a href="https://www.finder.com.au/finder-awards/product-awards/crypto-trading-platform-awards" rel="noopener noreferrer" target="_blank"><u>Finder Crypto Trading Platform Awards 2024</u></a>.</p><p><br></p><p>This is the second year running that we’ve given this award to Coinstash - a testament to the unrivaled range of tradable coins it offers to its users.&nbsp;</p><p><br></p><p>Coinstash currently lists more than 1,000 cryptocurrencies, more than 5 times the average <a href="https://www.finder.com.au/cryptocurrency/exchanges" rel="noopener noreferrer" target="_blank"><u>exchange in Australia</u></a>, according to our research.&nbsp;</p><p><br></p><p>We’d especially like to highlight Coinstash’s DeFi Connector feature, which lets users trade cryptocurrencies across different blockchains including Avalanche, Arbitrum and Optimism.&nbsp;&nbsp;</p><p><br></p><p>As a result, Coinstash users can trade an extensive range of decentralised finance (DeFi) coins that aren’t generally offered by other exchanges.&nbsp;</p><p><br></p><p>Normally users would need to create their own wallets and interact with decentralised exchanges (DEX) on-chain in order to trade many of these coins. This requires a degree of technical proficiency that the average investor may be uncomfortable with.</p><p><br></p><p>Instead, Coinstash has made trading these coins accessible, giving investors more opportunities and the chance to better diversify their portfolios.&nbsp;</p><p><br></p><p>Congratulations to Coinstash from everyone here at Finder.&nbsp;</p><p><br></p><p>The Finder Crypto Trading Platform Awards 2024 recognises the best crypto trading platforms in Australia across 6 categories. To determine the "best" crypto platforms for Australians, our experts analysed 12 months of data from 16 exchanges across more than 45 categories.</p><p>For more information on the awards program and the full methodology, visit: <a href="https://www.finder.com.au/finder-awards/product-awards/crypto-trading-platform-awards" rel="noopener noreferrer" target="_blank"><u>https://www.finder.com.au/finder-awards/product-awards/crypto-trading-platform-awards</u></a></p>

Coinstash wins Finder’s Best for Altcoins award for second year in a row

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