{"id":9653,"date":"2023-06-05T09:15:09","date_gmt":"2023-06-05T09:15:09","guid":{"rendered":"https:\/\/notsealed.com\/?p=9653"},"modified":"2024-02-27T06:31:06","modified_gmt":"2024-02-27T06:31:06","slug":"easy-australian-tax-tracking-of-crypto-purchases-selling-airdrops-get-credit","status":"publish","type":"post","link":"https:\/\/notsealed.com\/easy-australian-tax-tracking-of-crypto-purchases-selling-airdrops-get-credit.html","title":{"rendered":"How to do Tax Tracking of Crypto Purchases, Sells, & Airdrops Koinly Review"},"content":{"rendered":"\n
I have been trading crypto for around 7 years, and keeping manual tax records was starting to become complicated. There are too many variables such as buy\/sell orders, international exchange rates, fees, airdrops, token swaps, blockchain splits, forks, rug pulls, staking, and mining.<\/p>\n\n\n\n
I have tried many different types of crypto trading software and the one I have found the best was called Koinly.<\/a> In fact, they have a $40 credit for new signups.<\/p>\n\n\n\n Koinly tax tracking works for most countries around the world but today we will be focussing on the Australian version.<\/p>\n\n\n\n Last year I had over 2000 crypto transactions. Many of these transactions were airdrops and mining helium<\/a> transactions. Now I am not a pro trader by any means but due to many air drops and multiple daily mining transactions, they soon add up. Keeping track of these was starting to become a nightmare.<\/p>\n\n\n\n I like that Koinly lets you add your wallet address for each token and it automatically grabs all of the transactions and works out the profit or loss.<\/p>\n\n\n\n If your crypto exchange supports an API then this can be used by Koinly to quickly grab all of your transactions rather than loading in all your wallet addresses one by one.<\/p>\n\n\n\n Even if you use a Hard wallet like Ledger Nano<\/a> or Trezor Koinly will just look at the tokens inside and give you a detailed tax report. It is all totally safe and Koinly will never ask for your secret words or key.<\/p>\n\n\n\nWhy I use Koinly<\/h2>\n\n\n\n
How to Add a Wallet Address into Koinly.<\/h2>\n\n\n\n