Guest Posted July 5, 2018 Share Posted July 5, 2018 (edited) Hi guys... I'm trying to work out how to record my crypto capital gains( or losses) for this tax year just finished. What to actually put into a spreadsheet is a bit mysterious to me just now... I would welcome any opinions and discussion. These are my current (mis?)understandings: Every crypto trade (even Altcoin to Altcoin) is a tax event even if it doesn't go back to AUD. You need to work out its equivelant value in AUD to track gains and losses. The tax man is eagerly after crypto profits and not reporting isn't an option since the exchange's may be forced to give trade histories and also wallet addresses are required reporting by the ATO (Aust Tax Office). You could gamble that Kraken won't help the ATO but if they do, even in five years time, the ATO can go back through records and rip you a new one... Also it's in the nature of public blockchain that one wallet leads to another, leads to another, etc.... I'm just gonna pay my tax and sleep soundly. some folk think anything less than 10k AUD value is exempt but they haven't read the rules properly... that's only in very specific circumstances and is open to interpretation (that the ATO is unlikely to be generous with...) crypto held for more than a year has the CG halved The safest way to manage crypto CG (capital gains) is to FIFO (first in first out). High volume traders might want to LIFO but that's only in special cases. Generally I believe CG losses can offset CG gains in the year The recording must have the AUD equivalents (which can be from price graph records on major exchanges) AND wallet addresses. So working within that lot of constraints I've tried to envision what my Excel Spreadsheet should have in it... and it's a friggen mess. Some issues that I can see but don't know the answer to: The price can vary significantly on any particular day so is it ok to just use say Coingecko info ( which may be different to what I paid or received)? I'm thinking of ignoring fees and spreads and just looking at actual received result. Eg: sell Bitcoin for XRP and although I paid both spread and exchange fee.... just calc BTC sale value by: Actual XRP received x AUD XRP rate. How the heck am I going to keep track of the FIFO end of things... does my head in.... The current columns I have been considering are: Date, Time, From Currency, To Curcy, From AUD Rate, To AUD rate, From Amt, To Amt, CG hold days, CG profit, CG loss, Site, From Wallet, To wallet. As you can see it's not simple and some of that is a bit unclear to me. I figure that if I can get a sheet with actual CG profits and loss I can save a fair amount of accountancy fees. It presumably will also help me know when it's OK to do this "sell all crypto to move crypto into a SMSF" thing I'm planning on... Has anyone tackled all this as yet? Edited July 5, 2018 by Guest Link to comment Share on other sites More sharing options...
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