Announcements
Have you sold crypto, shares or property? Our new capital gains tax guide has info about cost bases, calculations & more! Still got questions? Ask the Community!

ATO Community

Re: CGT Tax complication

Newbie

Views 275

Replies 3

Hi,

 

I am not a tax expert and this is my first time doing crypto currency trading, I carried out about 1000 transaction in the past 2 months and I ended up with about the same amount of coins I started with only little profit.

 

Now when linking Koinly it shows about 50 times the profit that I have made is this an error in Koinly or this is how CGT is calculated, because the later will make me completely broke.

 

Your help in this matter is appreciated

 

Thank you

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @mickeys,

 

You will need to contact Koinly if your profits are showing incorrectly. You will need the correct amount of profit or loss you have made to calculate your CGT. There are a few methods to calculate your CGT depending on your circumstance. Check our website to see the methods of calculating CGT. 

 

See working out your capital gains on our website for different methods of calculating CGT that suits you. 

 

Hope this helps!

 

 

 

3 REPLIES 3

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @mickeys,

 

You will need to contact Koinly if your profits are showing incorrectly. You will need the correct amount of profit or loss you have made to calculate your CGT. There are a few methods to calculate your CGT depending on your circumstance. Check our website to see the methods of calculating CGT. 

 

See working out your capital gains on our website for different methods of calculating CGT that suits you. 

 

Hope this helps!

 

 

 

Enthusiast

Replies 1

Hi @mickeys ,

I would check to make sure that your exchange is actually outputting all transactions to Koinly.

I know that Binance does not include deposits, withdrawals, converstions, or earnings in the automated API - you would need to import those transactions manually.  I had a similar issue to you and found that it was missing "purchase" history, which gave a zero cost basis, which artificiall inflated the amount of CGT that would have to be paid.

I don't envy you trying to reconcile 1,000 transactions - it took me the better part of an afternoon to do 200!

 

All the best.

Newbie

Replies 0

Thanks alot I found out that this is literally what happened. I appreciate your help so much.