Aiden sold his holiday home for $750,000 with a contract date of 20 June 2022. The settlement date was 20 July 2022. Aiden had purchased the house on October 31 2013 for $580,000. He incurred commission on the sale for $12,000. Aiden borrowed form a bank to purchase the house and incurred $30,000 in interest since 31 October 2013. Rates and insurance during the ownership totalled $20,000. The house has not been used for producing income and was not Aiden main residence. Aiden sold a antique table on 31 March 2022 for $9,000. Aiden had purchased the antique table in January 2014 for $450 Aiden sold a parcel of shares for $44,000 on may 2022 he had purchased the shares in March 2018 for $35,000. He paid brokerage in the sale of $800 Aiden had a carried forward capital loss of $5,000 from the sale of shares. And a carried forward capital loss of $1,200 from the sale of the painting Advise Aiden on the net capital gain to be included in his assessable income for the year ended 30 June 2022. Show all explanations and references to income tax assessment act 1997. Assume that Aiden wishes to minimise his gain wherever possible.

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here is the capital gains calculation for Aiden assuming he wishes to minimize his gain wherever pos... View the full answer