tof estion Bro,, an Australian resident, had been living in Sydney. He decided to take a...

Transcribed Image Text:

tof estion Bro,, an Australian resident, had been living in Sydney. He decided to take a new job and transferred to Woy Woy on the central coast of New South Wales. Before moving, he sold the following assets: Item Purchase Price Sale Price Mobile Home (Caravan) $85,000 $70,000 King Size Bed $4,000 $5,000 Diamond Wedding Ring $2,000 $1,000 Flat Screen Television $3,000 $4,000 Antique Vase $4,000 $7,000 All assets were purchased on 1 July 2015 and sold on 30 June 2023. The Mobile Home is a luxury caravan and has been used as his home since it was purchased, and he had nowhere else to live. Now the pandemic is over, the market is now re stocked and the prices have dropped. Required: Explain how you would assess the capital gain on each of these items and then calculate the total amount to be included in his assessable income, if any, from these CGT events? Your answer must refer to the relevant legal rules as well as setting out the calculation 4 tof estion Bro,, an Australian resident, had been living in Sydney. He decided to take a new job and transferred to Woy Woy on the central coast of New South Wales. Before moving, he sold the following assets: Item Purchase Price Sale Price Mobile Home (Caravan) $85,000 $70,000 King Size Bed $4,000 $5,000 Diamond Wedding Ring $2,000 $1,000 Flat Screen Television $3,000 $4,000 Antique Vase $4,000 $7,000 All assets were purchased on 1 July 2015 and sold on 30 June 2023. The Mobile Home is a luxury caravan and has been used as his home since it was purchased, and he had nowhere else to live. Now the pandemic is over, the market is now re stocked and the prices have dropped. Required: Explain how you would assess the capital gain on each of these items and then calculate the total amount to be included in his assessable income, if any, from these CGT events? Your answer must refer to the relevant legal rules as well as setting out the calculation 4

Answer rating: 100% (QA)

To assess the capital gain on each of the sold assets and calculate the total amount to be included in Tofs assessable income we need to follow the ru... View the full answer