Please follow australian taxation law, to calculate capital gain, taxable caoital gain and Capital gain tax.

Scenario 1: 

During the 30 June 2022 financial year Kim sold a vacant block of land, the contract was dated 25th June 2022 and the property settled on the 28th July 2022. Kim originally brought the block of land in May 1991 for $150,000, in June 2020 she subdivided the block of land into two lots. At the time of subdivision each lot had a market value of $100,000. Kim only sold one of the blocks for $300,000 on the 25th June 2022 and she still owns the other block.

 

Scenario 2:

Kim sold a rare sculpture for $2,000 during the 30 June 2022 financial year. Kimhad purchased the sculpture for $200 two years earlier.

Answer rating: 100% (QA)

Scenario 1 To calculate the capital gain taxable capital gain and Capital Gains Tax CGT for the sale ... View the full answer