Capital Gains Tax (14 Marks)

Edger sold off some of his assets during the financial year so he could buy a new house for himself and his new wife, Rose.

Edger had a previous capital loss of $15,000 from the sale of shares and capital loss of $4,000 from sale of collectables in 2019.

	Purchase Cost ($)	Acquisition Date	Disposal Date	Sale Price ($)
Artwork	25,000	1/6/2002	1/7/2019	20,000
Lisu Ltd Shares	14,000	1/4/2019	28/2/2020	19,000
Diamond Ring	400	1/11/2006	1/12/2019	7,000
Piano	12,000	1/11/2009	1/6/2020	2,500

Sale of vacant land on 28 May 2020 290,000

The land had been bought on 28 October 1984 at a cost of $95,000. Stamp duty of $2,358 was paid at purchase. Rates and taxes of $15000 were paid during ownership. He paid $10,000 to the agent for the sale of the land and $1299 in settlement fees, these were both paid on 28 May 2020. The land had been bought by Edger with the intention of building a factory for his business.

Sale of shares in BHP Ltd on 23 September 2019 65,000

The shares had been bought on 3 March 2018 for $48,000

Brokerage on purchase and sale was 1% payable on the value of shares at the time of the transaction.

Sale of holiday house on 12 August 2019 400,000

The house had been purchased on 22 November 1998 for $290,000. Stamp Duty of $6,320 had been paid at purchase. At purchase date, he arranged to have a new kitchen and roof fitted at a cost of $63,000. This was paid on 15 April 1999. During the period of ownership, he had a dispute with his neighbour over the boundary of the property and on 1 March 2011. He paid his lawyer $2,500 for resolving the dispute.

Required

Calculate Edgers minimum net capital gain for the year ended 30 June 2020 and capital losses, if any, to be carried forward to 2020/2021.

*Australia country