During the financial year 2020/2021, Jessy made a capital gain of $33,000 on the sale of her shares in a companyand a $5,000 capital gain on the sale of her units in a trust. Assume either of these gains is a discount capital gain or eligible for the small business concessions. She also made a ‘capital losses of $5,000 on the sale of her apartment, and she has a ‘net capital loss’ carried forward from the previous year of $6,500.

A) What is Jessy’s net capital gain for 2020/2021? Show working.

B) How much should be included in her assessable income under s102-5.

Answer rating: 100% (QA)

Solution 1 Statement showing computation of net capital gain ... View the full answer