1. G signs a contract to sell her holiday home on the 30 May. The sale actually settles on 2 July the same year. When did G dispose of her holiday home for capital gains tax purposes?
4. H purchased a holiday home on 1 April last year for $300,000 and sold it on 30 March this year for $350,000. Calculate her taxable net capital gain for the year (assume that this is the only capital transaction in that year).
7. Can she claim the discount percentage in relation to that gain when she calculates her net capital gain at the end of the tax year?
10. J purchased a motor car for his own private use for $20,000 in February 2010 and sold it for $12,000 in December last year. Calculate his capital gain/capital loss.
13. K purchased a 1930 penny (pre-decimal currency) on 15 September 1985 for $15,000 and sold it in January this year for $35,000. Calculate her taxable capital gain.
16. L bought an interest in a time-share development for $10,000 in December 1994 and sold it for $20,000 in June last year. Calculate his taxable capital gain. Use all available methods.
19. M bought some shares on a 'tip' intending to sell them immediately they rose in price. The Commissioner believes that her profit is taxable under s 15-15 as well as under the CGT provisions. How should the profit be declared in her tax return? Why?

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Capital Gains Tax Analysis Gs Holiday Home Disposal date for CGT 2 July is the disposal date for cap... View the full answer