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Rounding of decimal places and cents

Enthusiast

Views 3453

Replies 4

How does rounding of cents (for instance in Excel) matter for accuracy?

 

Excel displays only 2 decimal places but rounds for the actual internal calculation, for instance 40 cents minus 8 cents can sometimes equal 41 cents.

 

Should I "reset" each cell to hard rounded values for these calcualtions?

 

Is the same logic applied for crypto amounts beyond 8 decimal places?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Community Moderator

Replies 0

Hi @caged_broccoli,

 

Thanks for waiting for the answer to this one.

 

You should use all of decimal places that are available to you when calculating the gain or loss on each transaction. It is only at the point of declaring your final net gain or loss for an income year that rounding to the nearest dollar occurs.

 

Note: if your activity is a hobby it is unlikely that any loss would be available to reduce your other assessable income.

 

Thanks

 

KylieS

4 REPLIES 4

Initiate

Replies 3

Hi, caged_broccoli.

 

Are you able to explain what these calculations are being used for? Are you trying to calculate a capital gain or capital loss, your assessable income or another aspect of your tax affairs?

Enthusiast

Replies 1

I'm trying to calculate for my overall loss in my crypto mining hobby.

 

There are instances where the calculations go beyond 2 decimal places for the AUD equivalent, especially in cases where there are very small transactions which sometimes show up as 0.00 but if there's a few of them it adds up to a few cents.

 

Can I disregard the small transactions? What if I'm dealing with thousands of transactions that all reflect 0.00, but add up to a significant amount?

Most helpful response

Community Moderator

Replies 0

Hi @caged_broccoli,

 

Thanks for waiting for the answer to this one.

 

You should use all of decimal places that are available to you when calculating the gain or loss on each transaction. It is only at the point of declaring your final net gain or loss for an income year that rounding to the nearest dollar occurs.

 

Note: if your activity is a hobby it is unlikely that any loss would be available to reduce your other assessable income.

 

Thanks

 

KylieS

Community Moderator

Replies 0

Hi @caged_broccoli,

 

We are checking this our will get back to you as soon as we can.

 

Thanks

 

KylieS