Cryptocurrency

Crypto.com Launches Tax Reporting Platform for Australian Users

As per the latest reports, Crypto.com has made an announcement for its Australian users. The firm has announced that it has launched a new service for its users that are based in Australia. According to the cryptocurrency exchange, Australian users will now have access to a reporting system available through its platform.

The announcement in regards to the launch of the new service was made by Crypto.com on August 16, 2021. Following the launch of the tax reporting service, Australia is now among the list of countries that already have access to tax reporting services.

Prior to launching the tax reporting service in Australia, Crypto.com had already launched the service for its users based in the United States and Canada. Crypto.com has revealed that it has made changes to its already operating tax reporting service and make it operable for Australian users.

With the necessary changes, users in Australia would be able to track their cryptocurrency taxes. Crypto.com also confirmed that it went through extensive efforts and working hours in order to make necessary changes to the tax service.

Furthermore, the firm acquired support and consultation from several tax advisors in Australia before they could come up with the service. According to the officials at Crypto.com, they wanted to ensure that their tax reporting service tool was in line with the regulations and laws practiced within Australia.

The tool operates in compliance with the laws that the government and law enforcement authorities of Australia have implemented for cryptocurrencies in the country. With the help of the tax reporting service launched by Crypto.com, the Crypto.com users would be able to import data from around their cryptocurrencies from Crypto.com to the tax reporting service.

Once imported, the users would be able to view the tax reports and print them out for any kind of tax claims or other processes involving tax reports. Crypto.com provided an example of what kind of tax reports the users would be able to print from the platform.

The firm announced that the users would be able to print reports such as TokenTax. The users will be able to print the reports and present them to the authorities for filing. Crypto.com has announced that the reports the users print, they will be able to submit them at authority such as Australian Tax Office.

At present, the United States users are submitting their tax reports at the Internal Revenue Service (IRA). If it is Canada, then the users are submitting them at the Canada Revenue Agency (CRA). The cryptocurrency trading service has announced that it is providing the tax reporting service to its Australian users completely free, just like the others.

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