John bought an investment property which he rented out to various tenants. When he retired, Tim sold the below-listed assets. 

Purchase Price Sale Price Purchase Date Sold Date 

Vacant Land $200,000 $220,000 1 July 2000 ** 30 June 2020 

Rental Property $400,000 $780,000 1 July 2000 ** 30 June 2020 

Jet Ski $10,500 $5,500 1 July 2000 ** 30 June 2020 

Painting $150 $1.3m 1 July 2000 ** 30 June 2020 

Boat $11,700 $19,900 1 July 2000 ** 30 June 2020 

Additional Information: Tim informs you that he made a $7,500 loss on the sale of his shares in the previous financial year which he is yet to apply. 

Required: Calculate Tim's Net Capital Gain for the 2020 income year. (All calculations must be shown)

Answer rating: 100% (QA)

Net Capital Gain 780000 400000 10500 11700 7500 150 345850 exp... View the full answer