Capital Gains tax Shirley is a single Australian resident for tax purposes. She has sold the following
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- Telstra Shares: Purchased on 4 April 2012 for $4,000 and sold for $19,000 • Lihur Shares: Purchased on 12 September 1988 for $62,000 and sold for $41,000
- Xerox Shares: Purchased on 1 September 1990 for $7,000 and sold for $37,000 LAW6001 Assessment 3: Case Study (Group) Page 5 of 10 Personal and other items (all sold during June 2021)
- Sold her car making a loss of $5,000 • Sold some of her furniture and the overall loss was $18,000. Other information • Shirley's gross Salary $121,000 (PAYG $45,000) • Shirley has capital losses of $7,000 from sale of paintings carried forward from the previous years. • Rental income from her Collaroy Plateau property from 1 July 2020 to date of sale is $24,000.
- Total allowable deductions in respect of this rental income for the year ended 30 June 2021 was $15,800 (excluding capital works). Required Advise the net capital gain for Shirley for the year ended 30 June 2021 by using the CGT method that provides the best outcome for her.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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