Crypto tax tool Koinly and Australian crypto exchange Cointree have announced a partnership to assist with digital asset tax returns.
Regional head of Koinly in Australia, Adam Saville-Brown, said he was thrilled the companies had joined forces.
“Our partnership with Cointree reflect Koinly’s mission to collaborate with crypto exchanges to make crypto taxes easy and front of mind for crypto investors,” he said.
Cointree’s chief executive Jess Renden said that the business aimed to take the stress and exasperation out of tax time for crypto investors.
“Tax time can be one of the most frustrating times for crypto investors and this year, we wanted to go further than providing educational tools by partnering with a crypto tax leader aligned with our goals of making crypto tax easy and accessible,” said Ms Renden.
“This is just one of the many new features we’ve added recently to make crypto investing easier and help our customers grow; we’ve also added portfolio tracking, order automation, and advanced charting.”
The collaboration between the two businesses means all Cointree customers will now be able to log in through single sign-on (SSO) and immediately view their crypto transactions within Koinly’s dashboard.
Mr Saville-Brown said the company was thrilled by its expansion with Cointree after only recently launching in Australia.
“After a successful launch into the Australian market this financial year, Koinly is excited to offer the industry’s first Australian exchange SSO integration,” said Mr Saville-Brown.
Cointree has also announced that in honour of the partnership the first 1,000 customers who use the SSO feature will get access to a comprehensive Koinly report up to the value of $389 each.
The partnership comes after the ATO said it would focus on crypto this tax season, with over 1 million Australians now invested in digital currency.
Head of tax at Koinly, Danny Talwar, said its software would make life easier for investors with multiple digital assets.
“With many crypto investors struggling to keep track of their digital assets across dozens of different wallets, blockchains and exchanges, it can be a headache come tax time,” said Mr Talwar.
“Crypto tax software such as Koinly will automate the lengthy process of collating the data you need for tax time, keeping everything all in one place.”
Koinly is one of Australia’s leading crypto tax tools and is used by thousands of investors globally with over 700 integrations across exchanges, blockchains and wallets.
Cointree launched in 2013 and operates as one of Australia’s largest cryptocurrency exchanges handling over $250 million in cryptocurrency transactions.