Syla is a cryptocurrency tax software platform that enables Australian investors and accountants to generate accurate tax reports by syncing transactions from over 500 exchanges and wallets. Designed by tax professionals, it ensures compliance with Australian tax regulations, allowing users to optimize their tax outcomes and simplify the reporting process for capital gains and losses.
Funding
$276K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Australian cryptocurrency investors face the challenge of accurately calculating and reporting their crypto-related taxes due to the complexity of tracking transactions across multiple exchanges and wallets. Compliance with Australian Taxation Office (ATO) regulations requires meticulous record-keeping and understanding of capital gains, losses, and other taxable events. Many investors lack the expertise to navigate these complexities, leading to potential errors and non-compliance.
Solution
Syla is a cryptocurrency tax reporting platform designed to simplify tax compliance for Australian crypto investors. The platform integrates with over 500 exchanges and wallets, automatically importing transaction data to generate comprehensive ATO-compliant tax reports. Syla supports various Australian entities, including individuals, companies, trusts, and Self-Managed Super Funds (SMSF), and handles diverse activity types such as investment, capital gains, and trading. Its features include advanced transaction review, classification, and tax optimization strategies like Lowest Tax First Out (LTFO) to minimize tax liabilities.
Target Audience
Syla targets Australian cryptocurrency investors, traders, and accountants who need an accurate and efficient solution for calculating and reporting crypto taxes in compliance with ATO regulations.
Features
- Automated transaction import from over 500 cryptocurrency exchanges, wallets, and blockchains via API, OAuth, and file uploads
- Support for various transaction types, including capital gains, ordinary income, derivatives, foreign currency gains, and trading stock
- Tax optimization methods, including Lowest Tax First Out (LTFO) and Lowest Stock Value (LSV), to minimize tax liabilities
- Comprehensive ATO crypto tax report generation, suitable for self-lodgment or submission to a tax agent
- Support for all Australian entities: Individual, Company, Trust, and SMSF
- Historical data access, providing reports for all past financial years at no extra cost
- Automatic transaction consolidation and aggregation to reduce the number of transactions imported
- Secure platform with read-only access to exchange and wallet data, ensuring user data safety