Assessment task

1. Determine the minimum amount of capital gains that Charles can include as assessable income in his 2015/16 income tax return (Hint: Calculate the net capital gain OR loss for the year using the CGT discount and indexation methods whichever method gives the better result).
2. Specify any losses that Charles can carry forward to future years.

Include your workings in your answer.

Transaction Shares in Rio Tinto Investment Property Family residence Shares in Telstra A very Old Painting Stereo System Jewellery Antique clock Piano Purchase Cost Date of Purchase Date of Sale $ 6,000 20-Sep-84 11-Jul-15 110,000 1-Apr-03 31-Dec-15 195,200 3-Jun-94 12-Aug-15 6,300 17-Nov-96 17-Nov-15 13,100 3-Mar-91 13-Apr-16 7,000 8-May-97 16-Jun-16 7,850 23-Apr-82 22-Apr-16 13,250 30-May-95 9-May-16 23,100 12-Jun-99 12-Jun-16 Capital loss of $550 on Collectables was carried forward from previous years Collectables No discount Rio Tinto Shares Investment Prop. Family residence Shares in Telstra Very Old Painting Stereo System Jewellery Antique Clock Piano Losses b/f Net Gain less: Discount NET CAPITAL GAIN (2) Any losses that Ned can carry forward to future years? Collectables Discount $ Consideration $ 13500 21000 45500 -1250 1250 -4000 -1550 5000 1200 19,500 320,000 650,200 5,050 14,350 3,000 6,300 18,250 24,300 Personal & Other Use Other Method & indexed $ $