Kova Tax granted $277K by Australia to build crypto tax reporting software
Australia has been quite receptive to cryptocurrencies, and it seems that the authorities are working towards crypto taxation. Moreover, the authorities have recently dished out $277K in funding to Kova Tax, an Australian crypto accounting, and tax advisory firm. The goal of the firm will be to develop software related to crypto taxation in the nation.
Australia allocates funds to Kova Tax
Australia seems to have set the goal of covering unregistered crypto taxes and has funded Kova Tax in order to develop their platform called Syla, which allows traders to track their crypto investments and allow them to report to the proper authorities. The official statement from Syla confirms that the firm received the Boosting Female Founders Grant from the Australian Federal Government.The Boosting Female Founders Grant is a grant provided to females who want to fund their startups. Syla, backed by Kova Tax, added that the "funding from this grant will enable Syla to bring tax certainty to Australian crypto investors, with its AI-driven crypto tax and crypto wealth software."
Syla Co-Founder, Maryna Kovalenko, said in her statement:
"We saw an opportunity for Syla to play an important role in the new future of finance. Funding from the Australian Federal Government will support Syla to solve crypto tax for investors, so Australians can invest with confidence."
Crypto taxation in the nation
In a recent report, Treasurer Josh Frydenberg said that Australia is ready to embrace the digital state and that the nation has its plans ready for crypto adoption. Moreover, Frydenberg added in his statement that cryptocurrencies and digital wallets are new age and are fast becoming the new norm. He also added that:"Every single day in Australia, there are over 55 million cashless transactions worth about $650 billion, and more than 800,000 Australians have owned a form of cryptocurrency."
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