Calculate CGT with the following assumptions:

a) Deductions				Assumed
Building Cost			$150,000	Assumed
Building Built			2005	ATO Schedule
ATO Rate			2.5%	Assumed
P&E Depreciated Value			$20,000	Ave assumed
ATO Rate		Prime cost	10%
Net Selling price (including selling cost)			$1,050,000
b) Cost Base = PP			$ 575,000
+ Acq Costs			$23,000
+ Cap Ex		y1	$10,000	Assumed
- Bld allowance			-$18,750
COST BASE			$589,250

Answer rating: 100% (QA)

ANSWER Capital Gain Selling Price Cost Base Capital Gain 1050000 ... View the full answer