Clients living in Australia have reportedly been able to utilize a new free-of-charge tax reporting offering, designed by crypto exchange entity Crypto.com. 

Specifically, Crypto.com reportedly disclosed details of a customized upgrade to its current tax offerings catering to the crypto users living in America and Canada, to make it possible for Australia-based clients to carry out precise tax reporting for their virtual assets. 

The exchange further shared that it is collaborating with professional tax advisers, to make sure the offering maintains compliance with the local legislations, regarding the filing of cryptocurrency taxes in the nation. 

Crypto.com reportedly offers facilitating features for the import of users’ crypto transaction data into a tax reporting platform, nominally TokenTax, and issue a report for submitting to the authoritative agencies – the Internal Revenue Service in the United States, the Canada Revenue Agency and the Australian Tax Office (ATO). 

The exchange claimed that this freshly updated service will be rolled-out free-of-charge, regardless of whether the clients report gains or losses. 

Nonetheless, it reportedly appears that a built-in account supporting exchanges and wallets are required to offer a complete tax record to the government agencies. 

Crypto.com is reportedly releasing its new crypto tax reporting solution to users of high-profile crypto entities, nominally Coinbase, Kraken, Binance, Binance.US, BitBuy. 

Similar to the regulations in the US and Canada and different nations, Australian authorities reportedly classifies crypto holdings liquidations a capital gains event in numerous scenarios, and will require proper taxing.