On 9 August 2017, Alfonso Garcia sold the business premises from which he has conducted his sand
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Question:
On 9 August 2017, Alfonso Garcia sold the business premises from which he has conducted his sand and gravel wholesale business for $790,000. The cost base of the premises was $520,000 when purchased in 2010.
Alfonso moved into rented premises and spent $35,000 on fittings and leasehold improvements on 19 August 2017. These are deemed to be replacement assets.
Alfonso’s business satisfies all of the eligibility criteria to access the small business capital gains tax concessions.
Required:
Calculate Alfonso’s net capital gain for the 2017/18 tax year.
Expert Answer:
Answer rating: 100% (QA)
Alfonsos Net Capital Gain for the Year 201718 tax year Cap... View the full answer
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