Quiz: Lesson 004

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Question 1 of 8

1. Question
True or false? Every country has the same cryptocurrency tax laws.
- True
- False
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Question 2 of 8

2. Question
True or false? In Australia, if you make a profit when you sell a cryptocurrency you acquire, you must pay CGT on the gain.
- True
- False
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Question 3 of 8

3. Question
Who do you report your capital gains and losses to?
- Australian Taxation Office (ATO)
- ASIC
- Your stock broker
- Your bank
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Question 4 of 8

4. Question
How often are Australian residents and businesses required to report capital gains or losses?
- After each trade
- Never
- Annually
- Whenever a significant profit or loss is realised
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Question 5 of 8

5. Question
What are the difference between the reporting requirements of an individual investor and a business?
- There are no differences.
- Businesses have much greater reporting requirements and have different tax treatments of their cryptocurrency trades. In contrast, an individual investor simply purchasing cryptocurrencies in the hope they appreciate over time does not need to record their CGT.
- Individual investors have a higher degree of reporting requirements to the ATO and must report automatically on every executed trade.
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Question 6 of 8

6. Question
True or false? The ATO never recognises cryptocurrency as a personal use asset, even when it is kept or used mainly to buy items for personal use or consumption.
- True
- False
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Question 7 of 8

7. Question
True or false? In Australia, swapping or selling one cryptocurrency for another is considered a CGT event. That’s because one CGT asset is being disposed of and another CGT asset is being acquired.
- True
- False
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Question 8 of 8

8. Question
True or false? In Australia, you must report gains from the sale of a cryptocurrency that you obtained for free via an airdrop, for example.
- True
- False
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Quiz Summary

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1. Question

True or false? Every country has the same cryptocurrency tax laws.

2. Question

True or false? In Australia, if you make a profit when you sell a cryptocurrency you acquire, you must pay CGT on the gain.

3. Question

Who do you report your capital gains and losses to?

4. Question

How often are Australian residents and businesses required to report capital gains or losses?

5. Question

What are the difference between the reporting requirements of an individual investor and a business?

6. Question

True or false? The ATO never recognises cryptocurrency as a personal use asset, even when it is kept or used mainly to buy items for personal use or consumption.

7. Question

True or false? In Australia, swapping or selling one cryptocurrency for another is considered a CGT event. That’s because one CGT asset is being disposed of and another CGT asset is being acquired.

8. Question

True or false? In Australia, you must report gains from the sale of a cryptocurrency that you obtained for free via an airdrop, for example.