Tax on first crypto entry / UK and AUS trading / Missing Purchase History

[Luke_Ron]

Describe the problem:
I entered my country and become a tax resident part way though the year, and only need to pay tax from that point forward. I understand i need to get a custom report and request this by email [[email protected]] so they can generate this for me.

The Problem I’m facing is:
At the start of my tax in AUS, the crypto I purchased in UK, are been flagged as missing purchase history just before I moved to AUS. If I try and put in that 1 purchase history from UK to resolve that, ok, but then it flags that one with the same message, and cycle repeats. I understand why its flagging it. But how do I solve this so i don’t get charged tax on this first crypto on the tax report?

Many Thanks.

Which exchange/wallet is this regarding?
Binance

How did you import data into this wallet?
CSV file / Tried API also.

What have you tried to fix this so far?
Tried adding in previous history from UK.

[Ali_Koinly]

Hey @Luke_Ron

Are you importing just a certain set of data up to a certain time? This could be the reason why you keep getting errors.

You should really import your whole trading history, regardless of country of stay and then generate a custom report based on the calculations. Correct me if that’s what you are already doing!

[Luke_Ron]

Hi Ali,

I was just importing a certain set of data.(Say half the financial year)

When you say whole trading history, like the last 2 years, or only the whole financial year?

Checked online, but I can’t find. - How do generate a custom report?

Many thanks!

[Ali_Koinly]

@Luke_Ron

Hey Luke!

For an accurate report, Koinly needs to see your whole crypto financial history going back as far as you can. Though you are only filing for a particular year, omitting such information can lead some assets to not have a purchase history, and you will end up being taxed for the full amount of gains.

We advise users to add all the wallets they have used, and import data as far back as you can remember. This will then allocate the correct cost-basis for your assets. You can then choose the tax year you wish to purchase a plan for.

Regarding custom reports, we simply change the date settings on the back end. Usually, reports are for the full financial year, but we have the ability to set a start date and an end date. We hope this feature is available for users soon, for now - just send us your desired date ranges via email and we will generate the report.

[Luke_Ron]

Hi Ali,

Many thanks, this all makes sense, I was able to get rid of all the missing purchase history’s once I imported everything. I requested a custom date form.

Legend! That’s for your quick replies, all the best!