Jill had made a capital loss of $1,000 in the 2017-2018 income year and had no capital transactions until now. Jill sells her holiday house on 1 January this year for $500,000. She bought the property on 1 January 2010. During her ownership period: - she used the property as a holiday house for the first 2 years; - then made it available for renting for the next 8 years. During these 8 years, the property was vacant for a total of 2 years. She has provided you with the following information:

Calculate Jill's capital gain or capital loss for the year ended 30 June this year, using the CGT discount option. Ensure you use tables to present your results. Clearly identify the classification of the various amounts that form part of that calculation.

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Description Purchase of property Deposit on signing of contract Balance on settlement Stamp duty on acquisition Legal Fees on acquisition Council rates p.a. Real estate agent's commission on sale Costs of advertising the sale Date 1 January 2010 1 January 2010 11 March 2010 11 March 2010 11 March 2010 1 January each year 1 January this year 1 January this year Amount $250,000 $50,000 $450,000 $5,000 $1,000 $500 per year $2,000 $1,000 Description Purchase of property Deposit on signing of contract Balance on settlement Stamp duty on acquisition Legal Fees on acquisition Council rates p.a. Real estate agent's commission on sale Costs of advertising the sale Date 1 January 2010 1 January 2010 11 March 2010 11 March 2010 11 March 2010 1 January each year 1 January this year 1 January this year Amount $250,000 $50,000 $450,000 $5,000 $1,000 $500 per year $2,000 $1,000

Answer rating: 100% (QA)

Jill made a 500000 profit on the sale of her home on January 1 2018 She paid 250000 on January 1 201... View the full answer