Stephanie, an Australian resident up until June 2022, became a foreign resident on 30 June 2022 (Year
Question:
Stephanie, an Australian resident up until June 2022, became a foreign resident on 30 June 2022 (Year 9) and has provided you with the following information.
-Her Perth residential investment property was purchased for $200,000 in Year 1 (post-September 1999). It had a market value of $550,000 as of June 30, 2022.
-Her antique car was acquired for $80,000 in Year 6. As of 30 June 2022, it had a market value of $85,000.
-Her London (United Kingdom) residential investment property was purchased for $175,000 on 12 April in Year 8. It had a market value of $190,000 as of 30 June 2022
-She made a capital gain of $10,000 from selling some shares in a listed company in January 2022. The shares were acquired in November 2021.
Assume that Stephanie has not made any elections. Calculate the minimum net capital gain or capital loss for Stephanie for the year ended 30 June 2022
Show all workings. Provide relevant section references for any exclusions
Expert Answer:
To calculate the minimum net capital gain or capital loss for Stephanie for the year ended 30 June 2... View the full answer
