Hi there,
I completed nearly 7,000 transactions during the 2024–2025 financial year. My initial investment was approximately $3,500 AUD, which I transferred from my bank account into a crypto exchange before starting trading. I later sold the assets for $5,600 and transferred back to my bank account.
However, when calculating using the FIFO method, the results are highly inconsistent. It shows a $70k gain versus a $56k loss, leaving me with an artificial $14k capital gain, which is clearly incorrect. Given that the ATO continues to classify crypto transactions as CGT events, what other calculation methods can I use to more accurately reflect my true input and output? The reported $14k figure is clearly incorrect (as I don't have this amount in crypto assets). Should I simply calculate it as the total invested ($3,500) versus the total sold ($5,600), which would leave me with the correct net profit of $2,100?
Cheers,
Sam
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