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Hi, quick question when SMSF sells shares and crypro - can we accept if the accountant used Weighted average as oppossed to FIFO? - could not find any posts on this in forum - nor could I find anything substantial on ATO website.
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Hi Leslie
My understanding re shares is that the weighted average method can only be used if the shares were purchased on the same day.
In BGL (as an example) the disposal methods that can be used are:
1) most tax effective
2) least tax effective
3) FIFO
4) LIFO
5) Manual
That is shares disposed of are allocated to a specific purchase of shares. You should also consider the 45 day rule.
My understanding of crypto is that it would follow the same approach as noted above re shares re any disposals.
Also refer from the ATO:
https://community.ato.gov.au/t5/Cryptocurrency/CGT-Methods-Average-LIFO-etc/td-p/12907
Thanks
SMSF AAA