Tax Agencies
/
Kraken
Expert verified
9 min read
Does Kraken Report to the ATO?
Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze Kraken’s tax reporting policies within Australia. We’ll also break down a simple way to report your Kraken taxes in minutes.
Kraken maintains local operations as a registered Digital Currency Exchange (DCE) with AUSTRAC. AUSTRAC is a government agency specifically designed to prevent financial crimes like money laundering and tax evasion. As a result, it’s likely that Kraken reports relevant information to the Australian government.
Since 2019, the ATO has used data matching to crack down on crypto tax fraud. The ATO uses information provided by exchanges like Kraken to track crypto transactions and identify individuals who have not met their tax obligations.Â
In the past, the ATO has used this information to send warning letters to hundreds of thousands of cryptocurrency investors.Â
Yes. In Australia, your transactions on Kraken or other platforms are subject to capital gains tax and ordinary income tax.Â
If you’ve earned or disposed (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to the ATO.Â
For more information, check out our complete Australia guide to cryptocurrency taxes.Â
Yes. Kraken operates legally in Australia.
Remember, there is no way to legally evade your taxes in Australia. However, there are tools like tax-loss selling and cryptocurrency tax software that can help you save thousands of dollars legally.
Looking for a simple way to report your Kraken taxes? With CoinLedger, you can import your Kraken transactions and auto-generate a complete gains, losses, and income tax report in minutes.
CoinLedger integrates with Kraken and dozens of other wallets, blockchains, and cryptocurrency exchanges to automate the entire crypto tax reporting process.
You can get started with a free preview report today.
