Australian Tax - LIFO or FIFO?

The tax setting default to FIFO but allow it to be changed to LIFO. Does the ATO allow LIFO? I thought they only allowed FIFO or Average? Thanks.

Hello Pete,

The ATO wants FIFO so 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.

Regards,

Anakin

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This apparently isn’t true if you are an investor instead of a trader @Anakin_Koinly

Please can these be implemented.

And this one (I’m blocked from putting in 3 links)
support-most-effective-tax-method/4521

Hey guys I got a quick question so I have imported my data with Binance and say my profit and lost is 50000 do I than need to go through my bank accounts and minus how much I have deposited into the exchange as I purchased USDT? To buy the coins

Do I go back and check how much I have deposited over the year and minus this from the report?

Help would be really appreciated thanks.

@Brad_Kapnise

Hello,

Simple answer, yes.

When you connect the Binance API it will import all your purchase history, but not the fiat purchases. This is a limitation on the Binance API side, so you’ll need to add manual transactions into Koinly that reflect your fiat purchases. Failing this, you’ll get “missing purchase history” errors in Koinly.

Kind Regards,

Anakin

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