Calculate the total capital gain for the current year considering she has brought forward a capital loss from last year of $500

. ii) Consider the above question

i), and calculate her total income tax payable amount including Medicare levy and Medicare levy surcharge for the current year. x

Information belongs to Sharifa Baniya, a single individual taxpayer who lives in Adelaide and a resident of Australia for tax purpose. She has come to you for her tax planning and therefore gathered the following details for 2017-18 tax years. Her personal income and capital assets details are given as below:

 

a) Salary $48,000

b) Tax Withheld from Salary $10,500

c) Allowable deductions total $3,000

d) Lower income earner tax offset calculated $275

e) Capital Assets: Shares: On 1 June 2000, she purchased 100 shares in BHP Billiton at a cost of $14 per share. Sharifa sold her shares on 22nd December 2017 at the following price: 100 BHP Billiton (Mining Company) shares for $112.00 per share Six months ago, Sharifa purchased another $5000 worth of shares from BHP Billiton and sold it recently for $6500.

f) Painting: A rare painting she purchased on 30 October 2013 for $15,000. The painting was sold at auction on 31 January of the current tax year for $25,000 g) A luxury motor cruiser A luxury motor cruiser she parked at the Williamstown Yacht club. She purchased the boat in late 2004 for $110,000. She sold it on 1 June of the current tax year to a local boat broker for $60,000. h) Personal Car During the current tax year, she has also sold her personal car and made a profit of $2000. She used this money to purchase a brand new car.

Required: i) You are required to analyse the given scenario in relation Capital Gain Tax in Australia. In your analysis, you are required to calculate the capital gain or capital loss for the shares, painting, luxury motor cruiser & personal car. Your analysis MUST include the following points for each of the capital assets:

a. The type of CGT assets Sharifa is dealing with.

b. Timing and types of each CGT event

c. Use the appropriate CGT calculation method to individually analyse & calculate the capital gain/loss for each CGT assets.

d.