Net Gain before Discount, Discount and Net Capital Gain. The informaion is based on Australian Tax Legislation
Question:
Net Gain before Discount, Discount and Net Capital Gain.
The informaion is based on Australian Tax Legislation
Ned Una, a resident taxpayer, sold the following assets during the 2021/22 tax year.
ASSET | COST BASE $ | ACQUISITION DATE | DISPOSAL DATE | SALE PRICE $ |
Investment Property | 120000 | 1/5/09 | 31/12/21 | 350000 |
Motor Vehicle | 25000 | 30/8/13 | 24/2/22 | 27000 |
Painting | 8000 | 10/3/17 | 19/7/21 | 12900 |
Antique Furniture | 18400 | 25/12/92 | 1/6/22 | 26300 |
Antique Vase | 400 | 17/3/96 | 3/9/21 | 1300 |
Stereo System | 16000 | 8/5/97 | 16/6/22 | 5100 |
Shares - Broken Ridge Mining NL | 8000 | 16/4/06 | 25/5/22 | 2500 |
Shares - Rock Solid Bank Ltd | 8000 | 16/04/19 | 25/5/22 | 11200 |
The parcels of shares each incurred $80 of selling expenses on disposal.
Ned has $3000 of capital losses from previous years, these relate to the sale of jewellery.
Determine the Net Capital Gain
(Tips:
- Check both indexed and discount methods where available
- It is generally preferable to apply a capital loss against an indexed gain, rather than a discounted gain, as the full capital loss is maintained)
Total Collectables | $ ????? |
Total Personal and Other Use | $ 227540 |
Total Other Method and Indexed | $ 0 |
Net Gain before Discount | $ ??? |
- Discount | $ ??? |
= Net Capital Gain | $ ???? |
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill