Kate disposed of a number of assets during the year ended 30 June 2018 for which the details are as follows:

1. Sold an antique vase on 17 August 2017 for $11,000 that she originally purchased for $15,000 on 10 June 1998.
2. Sold shares in XYZ Pty Ltd on 22 October 2017 $23,000 that she originally purchased for $6,000 on 8 May 2002.
3. Sold a racehorse on 3 January 2018 for $4,000 that she had raced as a hobby. She originally purchased the horse for $15,000 on 12 March 2013.
4. Sold a block of land on 16 April 2018 for $220,000 that she originally purchased for $15,000 on 7 May 1985.

Sold a painting on 20 June 2018 for $40,000 that she originally purchased on 24 July 1999 for $12,000.

For each transaction advise the type of asset being sold and how each disposal will be treated for taxation purposes.

Answer rating: 100% (QA)

A Antique vast This asset will classified as Collectables Kate incurred a capital loss of 4000 15000 11000 The capital loss on collectables can be use... View the full answer