Australian cost basis method help?

What cost basis method do I use in Australia? Also, do you have a link to a website showing which ones are allowed and aren’t allowed in Australia?

Heya @Clikkz

The ATO wants FIFO as your cost basis. When you set your account to Australia in Koinly, it will default to FIFO calculations. If you want to change that for some reason, you can do that as well from your account settings.

Hello @Clikkz

You can use FIFO in Australia. For a fully detailed rundown on crypto taxes in Australia, you can take a look at our guide in the link below,

Kind regards,

Anakin

Hi Anakin,
I am hoping you can help me with a newby question;
When I am entering transactions for a tax report, my understanding is that I should enter all buys/sells, sends/receives, deposits/withdrawals? (as in cash deposits and withdrawals)? For example; I deposit $1000 cash into an account to buy coins, this cash deposit should be recorded to calculate cost basis correct?
I can’t see how to enter cash amounts?
Any advice would be very much appreciated.
Kind regds,
John.S

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