Tax Reporting allows you to keep track of your crypto activity in order to ensure you are fulfilling the reporting requirements laid out by our regulatory bodies. With Binance Australia, you are now able to have all your transactions tracked and accounted for automatically with our Tax Tool Functionality. This includes buying and trading Ethereum and Bitcoin with Australian Dollars.Disclaimer: Binance Australia does not provide tax advice. When you trade crypto assets and the event produces capital gains (or losses), you would have to pay taxes duly. Some crypto transactions can be determined as income for tax purposes, for which you would have to pay taxes duly. The regulatory framework for the taxation of cryptocurrencies can be complex, hence we strongly advise you to contact your personal tax advisor for further information about your personal tax circumstances.
How to prepare your taxes via API?
If you need to file taxes and generate statements and transaction records of more than one financial year, you can use our Tax Tool Functionality API to automatically file taxes via third-party tax tool vendors.Please note that the third-party tax tool software might charge you fees for their services.
1. Log in to your Binance Australia account and click [Account] - [API Management].
2. Click [Create API].Please note that each user can create up to 30 API Keys.
3. Choose the [System generated] option. Label your key and enter your email verification to complete the process.
4. You will receive your unique API and Secret Key for Tax Report. You can copy the keys to integrate them into the third-party tax vendors later.Ensure the only permission selected is [Enable Reading], all other permissions should be turned off.
5. Select a third-party tax tool that you would like to use. We will use CryptoTaxCalculator as an example.Visit CryptoTaxCalculatorâs website, sign up for an account, and select your base currency and tax jurisdiction.
Note: Binance Australia is not endorsing any particular third-party tax tool software. The guide and accompanying screenshots are only an illustration. Please exercise your own discretion and/or consult your personal tax adviser based on your personal tax circumstances and requirements when selecting third-party tax tools.
6. Go to [Integrations] and search for [Binance]. Select [Binance].
7. You will see the [Import Binance] page. Please make sure you have the [Sync via API] option selected. Enter the unique API key and Secret Key you received from the Binance API. If you have done cross-trading, tick the cross-margin tick box. Then, click [Add API].
8. The API keys will download your transaction history automatically and keep your data in sync. Your tax forms will be ready soon.For more information, please check out our guides and videos on crypto tax in Australia: