How to do your CoinSpot taxes in 2022

Introduction to Coinspot

Coinspot is an Australian crypto exchange founded in 2013 that has since grown to be one of the biggest exchanges in Australia. On the platform, users can trade over 370 cryptos at the time of writing. The platform is only available for Australian traders, and it has gained 2.5 million users since its founding. One of the positives of the platform is that it is very secure. It is certified with Blockchain Australia, which gives users a greater sense of security.

The platform is very easy to navigate and is beginner friendly. One thing that really differentiates Coinspot from many other platforms is that it provides live chat customer service. It also features lower fees than many exchanges. Because it is an Australian platform, Coinspot only accepts the Australian Dollar.

Do I need to pay taxes when using Coinspot?

As an Australian you can expect to need to pay taxes on many of the transactions incurred while using Coinspot. Please see our Australia guide for more information.

How to export your Coinspot transaction history

Exporting your transaction history is required regardless of whether you are calculating your taxes in excel, using a tax calculator like Divly, or employing a tax lawyer to do the work for you.

Coinspot allows you to export your transaction history by downloading a CSV file or by connecting via their API. If you are using a tax calculator like Divly, we highly recommend using the Coinbase API via our Automatic Import. Below you will find a detailed step-by-step guide on how to use both export methods.

Automatic import

You can import transactions from CoinSpot into Divly by using our API integration. After you have provided the API keys, Divly will be able to fetch your latest transactions anytime you click "Import Transactions" in the wallet page.

Step by step guide:

1. Sign in to CoinSpot.

2. Click the account icon in the top right corner, then click API in the dropdown.

3. Click the button Generate New API Key.

4. Enter the API Key Name Divly and select the API Key Type Read Only. Provide your Two Factor Code and click the button Create API Key.

5. Confirm the new API key by email.

6. Copy the API Key and API Secret into Divly.

File import

You can import transactions from Coinspot into Divly by downloading and importing a CSV file. Make sure to download the CSV file every time you want to include the latest transactions.

Step by step guide:

1. Sign in to CoinSpot.

2. In the navigation bar at the top right click on the account icon and select Order History in the dropdown.

3. Click the button Sends/Receives CSV to download deposits/withdrawals, and click the button Buys/Sells CSV to download your trades.

4. Drag and drop both CSV files to where it says Upload CSV. Divly will import the transactions.

Coinspot transaction types

We have categorized Coinspot transactions and their available export method in the below table. We have also provided information about how these transactions are handled when imported into Divly for relevant users.

Withdrawals

Withdrawals refer to crypto transactions sent out of a Coinspot account. If you sent your crypto to another crypto wallet you own, make sure it is matched as a Transfer to avoid it being treated as a sale. If the withdrawal refers to a P2P trade, gift, buying goods/services, or another transaction type, please label it accordingly when using Divly. The transaction type applied can affect your taxes.

Deposits

Deposits refer to crypto transactions being sent to your Coinspot account. If you received crypto from another crypto wallet you own, make sure it is matched as a Transfer to avoid it being treated as a purchase. If the deposit refers to a received gift, mining income, or another transaction type, please label it accordingly when using Divly. The transaction type applied can affect your taxes.

Trades

Crypto trades refer to crypto being purchased for fiat, crypto being sold for fiat, or trading one cryptocurrency for another. In Coinspot, these transactions are respectively called Buy, Sell, and Swap. Typically a Buy is not a taxable event, yet these transactions are still required to calculate the cost basis.

Trading Fees

Fees are included in the trade and will be paid in either fiat or a cryptocurrency, depending on the trade. Make sure to apply the fee in your tax calculations, as it can help reduce your taxes. If you use Divly, this will be handled automatically for you.

Common issues when calculating your Coinspot taxes

If you have any issues with calculating your Coinspot taxes, feel free to contact our support team which is available via the online chat on the bottom right hand corner of our website. Good luck!

Any tax-related information provided by us is not tax advice, financial advice, accounting advice, or legal advice and cannot be used by you or any other party for the purpose of avoiding tax penalties. You should seek the advice of a tax professional regarding your particular circumstances. We make no claims, promises, or warranties about the accuracy of the information provided herein. Everything included herein is our opinion and not a statement of fact. This article may contain affiliate links.