Staying on top of your crypto activities and transactions is not just good practice, it is crucial for ensuring you are fulfilling the reporting requirements laid out by our regulatory bodies. With Binance Australia, you are now able to have your transactions tracked and summarised with our Tax Tool Functionality. This includes buying and trading Ethereum and Bitcoin with Australian Dollars.
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 Crypto Tax Calculator as an example.Visit Crypto Tax Calculator’s 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.
CSV Import
An alternative way to import data to generate your tax report is through CSV import. To show you how to do this, we will use Crypto Tax Calculator as an example.
On Binance:
1. Sign in to your Binance account and click on [Wallet] > [Overview] on the navigation bar.
2. Next click on [Transaction History] (in the top right corner).
3. Now click on [Generate all statements] (in the top right corner).
4. On 'Range', select 'Customize' and enter the start/end date of each year (a maximum of 3-month history can be downloaded at a time).
5. Make sure the 'Hide transfer record' option is checked as seen below.
6. Click on [Generate] and wait for the report to be generated.
7. Repeat the steps above to export the report for each period you have been trading on Binance.
8. If the file is a '.zip' or '.tar.gz' format, you will need to extract the contents of the compressed folder to obtain the raw '.csv' before uploading.
On Crypto Tax Calculator:
1. Login and navigate to the 'Integrations' section of your account.
2. Select ‘Add integrations’ and search ‘Binance’.
3. Once you have selected Binance, click [Upload files].
4. Import all the extracted files that you downloaded from Binance.
For more information, please check out our guides and videos on crypto tax in Australia:
The Crypto Tax 101 Video Series - Binance Tax Guide
- How to Generate Transaction History on Binance Australia
Disclaimer: Binance Australia does not provide tax advice. You are solely responsible for ensuring your own compliance with Australian taxation laws as they apply to digital asset transactions. The regulatory framework for the taxation of digital assets in Australia can be complex therefore we strongly advise you to contact your personal tax advisor for further information about your personal tax circumstances.