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Tax Saving Calculation
Tax Saving Calculation

Syla will recommend the Tax Saving plan when you're able to achieve a reduction in your capital gains by upgrading to LTFO.

Updated over a week ago

Syla will automatically calculate and recommend using LTFO (Lowest Tax First Out) when it's possible to achieve a reduction in your capital gains.

Tip: There's no need to physically sell, swap or do anything else with your crypto investments to get the saving. The saving is based on applying a different parcel matching algorithm, LTFO, in the tax calculations. All you have to do is upgrade your account and you'll achieve better tax outcomes.


Where to find the saving recommendation

If you're not already on the Tax Saving or a higher plan, then you can view your potential savings by heading to the Tax Reports page in Syla.

Note: you won't see the saving calculation when there's no savings possible on your account, or when you already have a Tax Saving plan or higher.

Whenever you visit the Tax Reports page, Syla will automatically run a savings calculation based on the transactions that are currently in your account. If there is a saving possible on your account, then you'll be shown the following information.

The Save amount shown at the top, is the total amount you can save across all affected financial years.

You can view the details of the savings calculation by clicking on the view calculation button. You'll be able to see a full breakdown of the amount you'll save in each financial year.

Note: If you see a negative number for a given financial year, then Syla is indicating that you'll actually end up with a higher capital gain or less capital losses available in that year. Syla will still include negative savings when they are offset by greater savings in the other financial years.


What is the saving amount

The saving is the total amount you can reduce your capital gains and/ or increase your capital losses by over the affected financial years.

The saving does not equate directly to a tax saving. To calculate the tax saving you need to take into account additional factors such as:

  • your marginal tax rate

  • other sources of income and losses

  • carried forward losses

As Syla doesn't have knowledge of your entire tax situation, it's only possible for us to calculate the amount your capital gains can be reduced by and/ or additional capital losses that you can report on your tax return.


How is the saving calculated

The saving amount is calculated by applying the LTFO parcel-matching method to your transactions from the current selected financial year till present.

The final saving amount displayed is the total saving across all affected financial years.

If you change the financial year selected on the Tax Reports page then the saving calculation will also update based on the year selected.

Important: If you later edit your transactions or apply a different parcel matching method, the saving amount will change.

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