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groan123(Newbie)Newbie
25 Oct 2021

So, I have invested in crypto, $300 in the last 6 months. I really dont want to pay $49 US to koinly to work out my CGT. My portfolio is now $290 lol usually sits around $200. I have made many buy and sells. ATO knows im with coinspot but [Removed by moderator] ! really ! do i need to send Australian dollars to the US and then claim it back off the AUS government for such a small amount of investment, understand if i was trading thousands. Is there really a free service that can be used that somebody knows about ? even an excel spreadsheet ?

5,085 views
1 replies
5,085 views
1 replies

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Most helpful replyATO Certified Response

BlakeATO(Community Support)Community Support
ATO Certified Response26 Oct 2021

Hi @groan123 Are you an investor or are you a trader? If you're doing many trades and sells you might be a trader instead. This means you'd work on business income tax rules rather than capital gains tax rules. It would change how you record and report your income and trades. You can read about investor versus trader on our website: https://www.ato.gov.au/Individuals/Capital-gains-tax/Shares-and-similar-investments/Share-investing-versus-share-trading/ If you're an investor, you can choose to use first-in-first-out, last-in-first-out, highest-in-first-out, or specific-ID. You get to choose which you use. This might help when it comes to working out your CGT as an alternative to a paid service. You can read about identifying shares and similar investments on our website: https://www.ato.gov.au/individuals/capital-gains-tax/shares-and-similar-investments/keeping-records-of-shares-and-units/ There's even a "records you need to keep" section which might help in making your own spreadsheet if you don't find one suitable for your needs. :)

All replies

Most helpful replyATO Certified Response

BlakeATO(Community Support)Community Support
ATO Certified Response26 Oct 2021

Hi @groan123 Are you an investor or are you a trader? If you're doing many trades and sells you might be a trader instead. This means you'd work on business income tax rules rather than capital gains tax rules. It would change how you record and report your income and trades. You can read about investor versus trader on our website: https://www.ato.gov.au/Individuals/Capital-gains-tax/Shares-and-similar-investments/Share-investing-versus-share-trading/ If you're an investor, you can choose to use first-in-first-out, last-in-first-out, highest-in-first-out, or specific-ID. You get to choose which you use. This might help when it comes to working out your CGT as an alternative to a paid service. You can read about identifying shares and similar investments on our website: https://www.ato.gov.au/individuals/capital-gains-tax/shares-and-similar-investments/keeping-records-of-shares-and-units/ There's even a "records you need to keep" section which might help in making your own spreadsheet if you don't find one suitable for your needs. :)

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