Blake is an Australian who acquired the following collectable Items:
 • 5 April 1990, a rare Masterpiece Hand Painted print which he paid the equivalent of $18,000.
• 21 July 1988, a rare Australian postage stamps book for $6,000.
• 24 December 1995, Armando Blue White Antique Brass Ceramic Vase for $30,000.
• 15 June 2004, a small collectable Murano Cristal Vase for $420. In addition, Blake purchased the following assets:
• June 1987 Blake purchased his house in in Redfin, Sydney for $1,700,000.
•A holiday house in Batemans Bay on 15 June 1993 for $750,000 and stamp duty and other legal costs of $40,000.
• April 2005, a lounge at the cost of $12,000 • October 2007, a boat at a cost of $55,000 • March 2015, a Mercedes Benz car at a cost of $98,000. 
In the current tax year (2021-2022):
Blake decided to move to Adelaide and sold all his assets including his house for $3,200,000 on 13 June incurring $23,000 in selling costs. On 27 June he sold the holiday house for $2,600,000 and paid $4,500 in legal fees. Blake sold all his non-real estate assets via an auction house on 30 June 2022 for the following amounts:
• $31,000 for the rare Masterpiece Hand Painted print.
• $1,500 for the Australian postage stamps book.
• $83,000 for the Armando Blue White Antique Brass Ceramic Vase.
 $4,500 for the Murano Cristal Vase. 
• $4,000 for the lounge.
• $70,000 for the boat.
• $60,000 for the Mercedes Benz car.

Required: 
 •Calculate, where applicable, Blake's capital gain on the sale of each asset, (Show all workings for both indexing and discount method where applicable). 

• Calculate Blake's net capital gain?

Answer rating: 100% (QA)

Rare Masterpiece Hand Painted print Indexing Method Capital Gain Sale Price Cost Price Capital Gain ... View the full answer