How are AUD values calculated?
Cryptocurrency is incredibly volatile whereby an hour frequently has large variations (regularly in the order of XX% – sometimes more!).
Our data sources are time-sensitive (generally to within a few seconds) to capture the variance and accurately report USD and AUD values.
1) Lookup Ether/Bitcoin Price
The app looks up the historical Ether/Bitcoin pricing on the large global exchanges (Binance, Bitfinex, etc.) which typically has accuracy to within a few seconds of the trade time.
2) Lookup ETH/BTC FIAT Price
Using Global (USD) or Local (AUD) exchanges, depending which option is selected and available, the historical price is sought.
3) Final Price Saved
The Ether/Bitcoin price is multiplied by the FIAT price. If only a USD price is found, the app uses daily XE forex rates to produce the AUD value.
How are fees calculated?
The nature of cryptocurrency whereby a cryptocurrency asset can be traded directly for another cryptocurrency asset. Therefore the fee for a trade is potentially both acquiring a CGT asset and disposing of an a CGT asset. This makes fee calculation slightly tricky.
Below explains how we calculate fees and the conditions that our app uses to split fees and avoid double counting.
Using the CSV export accountants are given the option to set their own conditions using Microsoft Excel or Google Spreadsheet functions using the raw data.