Taxation Questions

Q1: Anna converted cryptocurrency into $27,200 Australian dollars in October 2019. To complete the transaction, she incurred $950 in transaction fees. Therefore, Anna received $26,250 in cash. Anna had acquired the cryptocurrency in September 2018 for $9,200 Australian dollars

Determine the taxable capital gain (loss) on the sale of the Cryptocurrency. Briefly justify your answer/show all workings

Q2:

Anna sold shares she held in a construction company in March 2020 for $182,000. She had purchased the shares for $37,200 in December 1986. Anna has indicated that she has carried forward losses from prior years of $180,000 relating to a prior disposal of shares and land.

Determine the capital gain on the sale of the Shares. Briefly justify your answer/show all workings