How To Use The Sublime Crypto App
Add all your trades/transactions
- There are three options to add your information to the application in bulk format:
- Supported exchanges – CSV/XLSX
We have a range of tutorials for exporting your data from exchanges we support which can be found here.
- Unsupported exchanges/wallets – CSV
We have a tutorial on how to format data from exchanges that we don’t support into our custom bulk import found here.
- Supported exchanges – API (coming soon)
- Supported exchanges – CSV/XLSX
- You will need to find your ICOs if you partook in any. You can add them using our manual trade entry page.
- You will need to find your staked earnings. You can add them using our manual staking entry page.
- You will need to find your received airdrops. You can add them using our manual airdrop entry page.
Note: The app will attempt to automatically find an accurate historical price for the uploaded trades based on BTCmarkets historical data. For trades that don’t involve an asset that is traded on BTCmarkets or before July 1 2016 a global historical average service is used (similar to coinmarketcap – called Coinapi) to find the price in Bitcoin or USD before converting to AUD.
Review the Data
You need to check:
- That the balances of each asset are accurate. If it is inaccurate then you should check all data is uploaded and also not duplicated/overlapping.
For CSV uploads the date ranges are displayed on the import page: https://app.sublimecrypto.com.au/transactions/import/
- That the value of trades are completed and make sense.
- That the asset codes are consistent
Some exchanges use different codes for assets than industry standard. You should check each asset is what you expect it to be. If you need to merge an asset then you can do so by:
- Go to https://app.sublimecrypto.com.au/tools/merge-assets/
- The “Asset to merge” field is the asset that will have its code changed.
The “Asset to be merged into” field is the new code the asset in the previous field will have afterwards.
- There is a quick confirmation page outlining brief statistics on changes after submitting the form. Confirm again if it all looks correct.
Link your Transactions
We use the term “links” throughout the app. The term refers to the connecting a buy trade and a sell trade. Without connecting a buy and a sell together the app cannot perform the maths to estimate the capital gain or loss. The app offers a few linking algorithms which are just automated methods of creating links.
A linking algorithm can be selected on your “Account” page which can be found here: https://app.sublimecrypto.com.au/account/
There are three linking algorithms available on the platform that can be performed automatically:
- First In First Out – Also known as FIFO. All trades of an asset are listed in chronological order and the first sell is linked to the first purchase of the asset, the second sell is linked to the second purchase and so on.
- Last In First Out – Also known as LIFO. The first sell trade is linked to the most recent buy trade (instead of the first purchase of the asset in FIFO).
- Highest Cost First Out – Also known as HCFO. For each sell trade (in chronological order) the previous purchases are listed in order of the worst price and this is the trade that is linked.
Note: We cannot tell you whether you are allowed to use a particular algorithm. You need to ask a registered tax agent for financial advice pertaining to your situation.
If you have performed non-typical trades then the app is capable of being adapted for the following situations:
- Short Selling
- Manual cost-base allocation
- Margin Trading
Please confirm with a registered tax agent how you should be reporting your margin trading. At this stage please contact support for help importing your margin trading data. Margin trading can be handled in one of two ways within the application:
- As other income
- As regular capital gains