Calculate Mirko's Net Capital Gain.
Identify the relevant section reference for any exemption or exclusion.
Clearly outline all steps in the calculation

RECEIPTS DURING 2022/23
DATE DESCRIPTION $ NOTES
FULL YEAR Net Salary 68,450 PAYGW totalled $ 15,550
FULL YEAR Rent from property in Toowoomba 28,500 Includes $2,500 of rent owed from May & June 2022
FULL YEAR Car allowance 2,600
FULL YEAR Child Support from ex-partner 1,000
06/07/22 Dividend from Straggling Ltd 1,050 10% franked at 30% tax rate
29/09/22 Reimbursement of work education expenses 2,100
29/10/22 Proceeds from sale of shares in Inert Ltd 15,200 Originally purchased in 2015 for $13,500
26/11/22 Dividend from Thriving Ltd 8,400 Fully franked at 30% tax rate
14/01/23 Proceeds from sale of boat 16,500 Originally purchased in 2021 for $12,000
19/04/23 Proceeds from sale of shares in Rush Ltd 8,300 Purchased in July 2022 (refer to payments)
28/06/23 Proceeds from sale of outdoor sculpture
(artwork)
5,000 Originally purchased in 2020 for $7,000.
Sold to son-in-law:
Market value $15,000
OTHER INFORMATION
a) On 1 June 2023, Mirko scrapped his uninsured living room furniture as it was damaged and unable to be used or sold. The furniture
had cost Mirko $12,000 in 2018.
b) Mirko had $1,200 of capital losses brought forward from 2020 relating to the sale of jewellery.
c) As at 30th June 2023, Mirko became entitled to a bonus of $4,000 for workplace performance.

Answer rating: 100% (QA)

To calculate Mirkos net capital gain well follow these steps 1 Calculate total capital gains a Proce... View the full answer