To get your transaction data perfect, you may need to review and solve Syla Suggestions. These are suggestions that Syla has detected that can improve the accuracy of your tax reporting and lead to better tax outcomes.
Where to find Syla suggestions
On the Transactions page, you'll see transactions that have a Syla Suggestion flagged by a yellow icon.
Click on a Transaction to bring up the Detailed view that includes more information on the Syla Suggestion.
In this example, the Syla Suggestion is to classify the Deposit to something more specific. To solve this, you should Edit the transaction, click on the Deposit ledger, change it to another ledger type and click save.
The Syla Suggestion will disappear once it's been solved.
Filter by Syla Suggestions
It's easy to filter all your transactions by Syla Suggestions.
Go to the Transactions page.
In the filters section, click on Status and select Syla Suggestions.
You'll now only be shown transactions that have a Syla Suggestion to review.
Types of Syla Suggestions
The following Syla Suggestions exist.
Missing market value
This indicates Syla was not able to determine the AUD market value of the asset. This could be caused by:
It's an uncommon asset that Syla does not have a reference price available for.
The asset was not actively traded on the specified date and time, meaning there are no pricing references available for Syla to perform the valuation.
It's a Non-Fungible Token (NFT).
To solve a missing market value, you can Edit the transaction and enter it manually.
Note: If you don't enter a market value, then Syla will assume the market value is zero.
A missing market value can also be caused by:
The asset may not have been classified correctly on import. Check the ticker symbol and the name of the asset is correct, otherwise edit and change the asset to the correct one.
The date has not been classified correctly, resulting in no pricing references being available. Check the dates have been entered correctly.
Classify Deposit or Withdrawal to a more specific ledger type
A Deposit or Withdrawal is used to indicate that an asset balance has changed, but the exact reason for the change is unknown. This happens because the original source data doesn't contain enough information to know exactly what happened.
To solve this suggestion, you should Edit the transaction, and change the classification of the Deposit or Withdrawal ledger to a more specific ledger type.
e.g. if the Withdrawal was actually an internal transfer to another wallet or exchange account you own, then you can change the classification to Transfer Out and click Save.
You can find more info here on the different transaction types in Syla.
Note: If you don't provide a more specific classification, then Syla will assume that a Deposit is an acquisition of a CGT asset at market value, and a Withdrawal is a disposal of a CGT asset at market value.
Tip: If you find there are a lot of Deposit and Withdrawal suggestions, then it may be because Syla didn't fully understand the transactions that were imported. This can happen when an exchange adds a new transaction type, and we haven't added support yet to detect and classify it automatically.
If you see Syla isn't classifying some transactions automatically, then please reach out to our support team. We'll review the import for you, and upgrade the import where possible to automatically detect and classify these for you.
Missing acquisition / cost base
When the Syla Suggestion says there is a missing acquisition, it means there was a sale (disposal) of an asset that we don't have a record for it's original purchase (acquisition).
The Syla Suggestion will state the quantity of which asset is missing, and the market value of the missing asset.
This Syla Suggestion can have a large impact on the tax outcomes, as Syla will assume the cost base of the missing asset is zero. This means you will be taxed on the full market value of the missing acquisition amount.
Solving missing acquisitions can be a bit more tricky as it could be caused by a number of different things:
Ensure you have imported your entire historical record of all transactions on each platform. If you only import a single financial year, you'll end up with missing acquisitions.
Check if there are any missing transactions that the exchange has not reported. Missing transactions will lead to missing acquisitions.
If the amount is very small i.e. $0.00 AUD, then it may just be a rounding error. This occurs because some exchanges don't report the transactions to the full number of decimal places. You can solve rounding errors by editing the transaction, and adjusting the amount to offset the rounding error. Otherwise, if the rounding errors have a negligible impact on your tax outcomes, they can be safely ignored.
Check to see if any of the assets have been re-denominated, migrated or rebranded. If they have, you may need to change the asset name, or enter a Rebase transaction.
Check that all the transactions have imported in the correct date and time order. If the transactions are out of order, then you may get a sale occurring before the corresponding purchase, which will lead to a missing acquisition. This can sometimes happen if there are multiple platforms, and the dates have not been imported with the correct timezone. This issue can be solved by importing again with the correct time, or by editing the transaction and adjusting the date and time to get the correct ordering.
Note: You'll notice that many of these issues are due to missing/ incomplete transaction data. Unfortunately, this isn't something Syla has control over, as we also depend on the exchange platforms to provide accurate and complete transaction data.
Resolving some of these issues can be quite tricky, and may require assistance from a specialist accountant or adviser. Reach out to our support team, and we can put you in touch with a provider if needed.