Today News Journal
    What's Hot

    Statue of Adam Goodes’s ‘iconic’ war cry unveiled by AFL club Sydney Swans | Adam Goodes

    May 26, 2023

    Hull KR talking points as old habits creep in but panic stations miles away

    May 26, 2023

    Kate Middleton citrine cocktail ring: Jewel shows ‘independence’

    May 26, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    Today News Journal
    Contact Us
    • Home
    • Trending
    • Business
    • Health
    • Technology
      • Automobile
      • Gadgets
      • Mobiles
      • Robotics
    • Lifestyle
      • Culture
    • Sports
    • Travel
    • Editorials
    • News
      • Politics
    Today News Journal
    Home » Business » Amidst ATO Blitz, Binance Ramps Up User Compliance With Crypto Tax Partner Koinly
    Business

    Amidst ATO Blitz, Binance Ramps Up User Compliance With Crypto Tax Partner Koinly

    James MartinBy James MartinJuly 22, 2021No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    As the ATO’s fixation with crypto tax heats up, one of Australia’s largest cryptocurrency exchanges is pointing their users in the right direction.

    Koinly [https://koinly.io/], a cryptocurrency tax startup, has partnered with Binance Australia to help educate and assist Binance users with their cryptocurrency tax obligations.Binance users have also been offered access to Koinly’s ATO-compliant tax reporting solution through an integration.

    Last year, some 350,000 Australian crypto investors were treated to a letter [https://koinly.io/blog/australia-350000-crypto-tax-ato/] from the ATO. Recipients were given 28 days to disclose their crypto trades.

    This year, the target has grown with the ATO issuing a reminder[https://koinly.io/blog/crypto-tax-australia-2021-letter/] to approximately 100,000 taxpayers while a further 300,000 people are expected to be prompted while lodging their 2021 tax return online.

    The ATO is collecting bulk records data from Australian crypto exchanges and comparing it to amounts entered on previous tax returns. Failure to declare crypto gains can attract a penalty of 75% of the outstanding tax liability explains Robin Singh of Koinly.

    In light of the crackdown, Binance Australia is putting consumer education in the spotlight. On Thursday 22 July the exchange will host the 2nd in a series of EOFY [https://www.eventbrite.com/e/binance-australias-upcoming-eofy-tax-masterclass-with-koinly-tickets-162630994683] crypto tax masterclasses. The 2021 edition is presented in collaboration with Koinly, where the tax reporting app will focus on unpacking the ATOs stance on crypto, and empowering Binance users to report their crypto position accurately in their 2021 returns.

    Koinly helps Australian investors prepare their crypto tax reports in a simple yet compliant manner. The app supports over 600 exchanges and wallets, which means investors can sync their full crypto trading history with one central source of truth. Koinly takes this data and calculates reportable gains, losses and income, within a matter of minutes.

    While Australia is lucky to have clear guidance on crypto tax rules, the requirement on taxpayers to keep audit-worthy reporting unfortunately exposes investors to penalties. Getting your taxes right is incredibly important, which is why we’re proud to offer reporting that is robust enough for tax agents and audits” he added.

    With approximately 1 in 6 Australians investing in crypto, taxpayers and tax agents alike are on a steep learning curve. Our community has voiced their concern around tax compliance and we’re committed to supporting them with the resources they need, said Sam Teoh, of Binance Australia.

    In 2021 the regulatory framework surrounding crypto demands a responsible and transparent approach by all players. We’re giving our users the best possible opportunity to stay on the right side of the ATO by officially partnering with Koinly this tax season, he added.

    About Binance

    Launched in July 2020, Binance Australia is a regulated digital asset exchange registered with AUSTRAC, providing Australian users with a fast, secure, and reliable way to buy and trade digital currencies.

    About Koinly

    Koinly was founded in 2018 and is the leading cryptocurrency tax solution in Australia. It is used by thousands of cryptocurrency traders and counts many of the top Australian accountancy firms among its user base.

    Contact:
    Robin Singh
    robin@koinly.io

    Source:  Koinly

    Related posts:

    1. Adyen Publishes H1 2021 Financial Results
    2. Visa’s Ai Prevents More Than $350 Million In Fraud From Disrupting Australian Businesses
    3. The Milken Institute Asia Summit 2021 Seeks To Rekindle The Power Of Human Connection
    4. Signum Capital Blockchain Fund Taps into Tokocrypto’s TKO Token, the Fastest Growing Token in Indonesia
    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleSix-Time World Swimming Champion Yuliya Efimova Teams Up With Instaforex Right Before The Olympics
    Next Article Insight Software Acquires CALUMO
    James Martin
    • Website

    Related Posts

    Affordable Office Furniture Options For Small Businesses

    May 18, 2023

    Why It Is Advised To Hire Underfloor Heating Specialists In London?

    May 1, 2023

    The Importance Of Air Quality Monitors In The UK

    April 6, 2023

    The Future Of Paper Bags: Trends And Innovations

    February 20, 2023

    Leave A Reply Cancel Reply

    Search
    Categories
    • Automobile
    • Business
    • Coronavirus
    • Culture
    • Editorials
    • Finance
    • Gadgets
    • Health
    • Lifestyle
    • Mobiles
    • Money
    • News
    • Politics
    • Sports
    • Technology
    • Travel
    • Trending
    • World
    Latest Posts

    Statue of Adam Goodes’s ‘iconic’ war cry unveiled by AFL club Sydney Swans | Adam Goodes

    May 26, 2023

    Hull KR talking points as old habits creep in but panic stations miles away

    May 26, 2023

    Kate Middleton citrine cocktail ring: Jewel shows ‘independence’

    May 26, 2023

    Recipe: Chef’s chicken chow mein is ‘just like a takeaway would do it’

    May 26, 2023
    • Facebook
    • Twitter
    Don't Miss

    Statue of Adam Goodes’s ‘iconic’ war cry unveiled by AFL club Sydney Swans | Adam Goodes

    By James MartinMay 26, 20230

    The Sydney Swans have unveiled a bronze sculpture of Indigenous superstar Adam Goodes out the…

    Hull KR talking points as old habits creep in but panic stations miles away

    May 26, 2023

    Kate Middleton citrine cocktail ring: Jewel shows ‘independence’

    May 26, 2023

    Recipe: Chef’s chicken chow mein is ‘just like a takeaway would do it’

    May 26, 2023
    • Facebook
    • Twitter
    About Us

    Hello friends, I am James Martin. Welcome to my blog todaynewsjournal.com. We are a team of experienced journalists who are passionate about delivering the latest news and current events to our readers. Our editorial team is dedicated to providing the most accurate and up-to-date information possible. We aim to be your go-to source for news and current events. Here on this site, You will get up to date information regarding all important categories like business ideas, health tips,... (Read More)

    Latest News

    Statue of Adam Goodes’s ‘iconic’ war cry unveiled by AFL club Sydney Swans | Adam Goodes

    May 26, 2023

    Hull KR talking points as old habits creep in but panic stations miles away

    May 26, 2023

    Kate Middleton citrine cocktail ring: Jewel shows ‘independence’

    May 26, 2023
    SIGN UP NEWSLETTER

    Join The Conversation sign up to receive emails for The Daily special tips general info.

      Facebook Twitter Instagram Pinterest
      • Home
      • Editorials
      • Get In Touch

      Copyright © 2021-2023 · Today News Journal Privacy Policy

      Type above and press Enter to search. Press Esc to cancel.

      We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
      Cookie SettingsAccept All
      Manage consent

      Privacy Overview

      This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
      Necessary
      Always Enabled
      Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
      CookieDurationDescription
      cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
      cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
      cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
      cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
      cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
      viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
      Functional
      Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
      Performance
      Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
      Analytics
      Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
      Advertisement
      Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
      Others
      Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
      SAVE & ACCEPT

      Sign In or Register

      Welcome Back!

      Login to your account below.

      Lost password?