Creating start of tax residency adjustments is an advanced topic. You may need to talk to a tax adviser to ensure the final tax outcomes are suitable for your situation.
Step 1 - Reconcile your portfolio to the current date
Before inserting any tax residency adjustments, you must first import all Data Sources, including the entire history of transactions from before your start of tax residency up to the present date.
Once all Data Sources have been imported, confirm the calculated balances in Syla match what is reported on the actual exchange or wallet. You can check the current balances for each Data Source from the Balances page.
Step 2 - Ensure each Data Source has a unique name
This ensures each Data Source can be uniquely identified when you import the Opening Balances later on.
For example, if you have two Bitcoin Wallets in Syla, edit the name to ensure each is unique, e.g. Bitcoin Cold Wallet and Bitcoin Storage.
Step 3 - Determine the start of tax residency date and time
Determine the exact date and time for your start of tax residency.
Note: You may need to talk to your tax adviser to determine your start of tax residency date, as it's not always the same date as when you enter Australia.
Step 4 - Record balances on start of tax residency date
Record your balances on the start of tax residency date:
Go to the Balances page in Syla.
Set the date to your start of tax residency date.
Record the balance of each asset on each data source.
Step 5 - Delete all transactions prior to the start of tax residency date
The next step is to delete all the transactions that are prior to the start of tax residency.
To delete all transactions prior to a date:
Go to the Transactions Page in Syla.
In the filter options, click Date, select an early Start date such as 1 Jan 2000 to guarantee all early transactions are included, then for the End date use the start of tax residency date. You should now have all transactions prior to the start of tax residency shown.
Click the Delete All button to delete all transactions in the selected date range.
Important: Delete All is permanent, and cannot be undone. Make sure you're happy with everything before deleting any transactions.
Step 6 - Import the opening balances
Finally, you can import the opening balances using the Opening Balances import.
Go to the Data Sources page in Syla and click Add Data Source.
Search for and select Opening Balances.
Download the Opening Balances CSV Template.
Use the balances export you received from Syla support to complete the Opening Balances CSV Template, and then upload to Syla.
When completing the Opening Balances CSV Template:
The Acquisition Date should be set to your start of tax residency date and time.
Leave the Cost Base column empty, this will set the cost base to the market value on the Acquisition Date (your start of tax residency date).
Enter the Data Source Name when you have multiple of the same Data Source in Syla. This will ensure the opening balance adjustments are imported to the correct data source.
After importing, you should check that your final balances on each data source are back to where they were before deleting and inserting adjustments. The calculated balances in Syla should match the reported balances reported on each exchange or wallet.