Bert, an Australian Resident, was forced to relocate to Sydney because of his sick parents. Before...
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Bert, an Australian Resident, was forced to relocate to Sydney because of his sick parents. Before moving, he sold the following assets: Item Purchase Price Sale Price Lounge Chair and Sofa set $10,000 $8,000 Diamond Jewellery $1,000 $5,000 Main Residence $1,900,000 $2,400,000 Rental Apartment $250,000 $310,000 All the assets were purchased on 1 September 2016 and sold on 30 June 2020. Required: Explain the tax law applicable to these CGT events and calculate the total amount to be included in his assessable income, if any. Your answer must refer to the relevant legal rules as well as setting out the calculations. Bert, an Australian Resident, was forced to relocate to Sydney because of his sick parents. Before moving, he sold the following assets: Item Purchase Price Sale Price Lounge Chair and Sofa set $10,000 $8,000 Diamond Jewellery $1,000 $5,000 Main Residence $1,900,000 $2,400,000 Rental Apartment $250,000 $310,000 All the assets were purchased on 1 September 2016 and sold on 30 June 2020. Required: Explain the tax law applicable to these CGT events and calculate the total amount to be included in his assessable income, if any. Your answer must refer to the relevant legal rules as well as setting out the calculations.
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ANSWER The tax law applicable to these CGT events is the Capital Gains Tax CGT The total amount to b... View the full answer
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
Posted Date:
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