Koinly Tax Reports in Australia: How to Use Them with the ATO

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A Koinly tax report is the output of a crypto tax calculator: figures you take to your Australian tax return rather than something you lodge on its own. Koinly describes itself as a crypto tax calculator and a portfolio tracker, used to work out and file crypto taxes. This guide explains how that fits with the ATO, based on Koinly's own Australia guide. For the underlying tax rules, read our crypto tax guide, and speak to a registered tax agent about your own situation.

What a Koinly report is for

Koinly's role is to calculate the numbers, not to change how crypto is taxed. Its Australia guide gives a step-by-step walkthrough on filing crypto tax using myTax, the ATO's online lodgement tool.

In Australia you declare crypto in your income tax return. Koinly's guide says to report crypto gains and losses there, and to declare crypto if you sold, traded or earned it in the past financial year. So a report is a way to arrive at those figures, which then go into the fields the ATO uses.

Because the report feeds your own return, the numbers in it need to match your records. Our ATO crypto record-keeping guide covers what to keep. A calculator output and your own transaction records serve different purposes.

The cost basis method Koinly uses

The cost basis method decides which units you are treated as disposing of, and it changes the gain or loss. Koinly defaults to FIFO, short for first in, first out.

Koinly says its settings allow other cost basis methods. Its guide describes FIFO, HIFO and LIFO as possible approaches where the investor's records identify the particular units disposed of. This is a conditional statement about supporting records, rather than confirmation that any setting is suitable for every taxpayer. This page does not independently confirm ATO approval of those methods.

From transaction history to a report

Koinly's Australia guide describes connecting wallets and exchanges so the service can collect transaction data and generate a report. It then describes either passing that report to an accountant or using its figures to complete an ATO submission.

These are separate stages: importing transactions, calculating the results and completing a tax return. The provider's walkthrough does not mean that generating a report completes lodgement.

This guide does not specify the contents of individual report types or map figures to particular myTax fields. Those details were not established by the research. For the underlying tax treatment, see our crypto tax guide.

Checking a report against your own records

The imported transaction history is the starting point for the calculation. Comparing it with wallet and exchange records can help identify missing transactions before using the totals. A different choice of units disposed of can also change the calculated gain or loss.

Koinly's guide discusses transaction records separately from preparing a report. Our record-keeping guide covers the ATO requirements. This page does not establish a retention period or claim that a software report alone meets those requirements.

The report and the tax return also have different roles. Koinly describes using report figures to complete a submission, so the output is a source for the return rather than a substitute for completing it. A registered tax agent can explain how the tax rules apply to an individual's circumstances.

Frequently asked questions

What is a Koinly tax report?

It is the output of Koinly's crypto tax calculator. Koinly describes itself as a crypto tax calculator and portfolio tracker, and its guide walks through declaring crypto gains and losses through myTax, the ATO's online lodgement tool.

What cost basis method does Koinly use for Australia?

Koinly says FIFO is the default. Its guide also describes changing the method in settings, with identification of the units disposed of supported by records. The guide names FIFO, HIFO and LIFO; this page does not independently confirm their ATO status.

Does a Koinly report replace keeping my own records?

Koinly's guide discusses record keeping as well as tax reports. Generating a report is not evidence that the underlying records are complete. See our record-keeping guide for the ATO requirements.

Where do the figures go on my tax return?

In your income tax return. Koinly's guide gives a step-by-step walkthrough for filing through myTax and says to declare crypto you sold, traded or earned in the past financial year. For how the ATO treats each event, read our crypto tax guide.