Sheriff, is an Australian resident, he was living in Sydney but transferred to a new job...
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Sheriff, is an Australian resident, he was living in Sydney but transferred to a new job in Newcastle. Before moving, he sold the following assets: Item Purchase Price Sale Price Rented Apartment $ 450,000 $700,000 Home $600,000 $800,000 Antique Clock $501 $3,501 Gold chain $1000 $800 Bed and Mattress $12,000 $2,000 All assets were purchased on 3 July 2018 and sold on 30 June 2023. He has been sleeping comfortably on the bed and mattress since it was purchased, but now it's time to get rid of them. Required: Explain the law applicable to each of these items that were sold Then calculate the total amount, if any, to be included in his assessable income from these CGT events? Sheriff, is an Australian resident, he was living in Sydney but transferred to a new job in Newcastle. Before moving, he sold the following assets: Item Purchase Price Sale Price Rented Apartment $ 450,000 $700,000 Home $600,000 $800,000 Antique Clock $501 $3,501 Gold chain $1000 $800 Bed and Mattress $12,000 $2,000 All assets were purchased on 3 July 2018 and sold on 30 June 2023. He has been sleeping comfortably on the bed and mattress since it was purchased, but now it's time to get rid of them. Required: Explain the law applicable to each of these items that were sold Then calculate the total amount, if any, to be included in his assessable income from these CGT events?
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Answer rating: 100% (QA)
In Australia the sale of assets may be subject to Capital Gains Tax CGT CGT is typically applicable to the sale of assets such as real estate investme... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
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