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6 5 0 , 0 0 0 During the 3 0 June 2 0 2 3 financial year Kim sold a vacant block of land,
During the June financial year Kim sold a vacant block of land, the
contract was dated th June and the property settled on the th July
Kim originally brought the block of land in July for $ in December
she subdivided the block of land into two lots. At the time of subdivision
each lot had a market value of $
Kim only sold one of the blocks for $ on the th June and she still owns the other blocks.
Is this income is assesable income Calculate the tax and provide the provisions of ITAA act.
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