Question
Catherine H, a resident taxpayer, disposed of the following assets during the year ended 30 June 2020: Asset Date acquired Cost price $ Date sold
Catherine H, a resident taxpayer, disposed of the following assets during the year ended 30 June 2020:
Asset | Date acquired | Cost price $ | Date sold | Sale price $ |
SUU shares | June 2011 | 10,000 | January 2021 | 8,000 |
Piano | July 2000 | 14,500 | August 2020 | 12,000 |
EFF shares | January 2020 | 2,900 | November 2020 | 5,400 |
Vacant Land | September 1982 | 55,000 | June 2021 | 225,000 |
Jewellery | August 2004 | 500 | November 2020 | 1,500 |
Artwork | May 2000 | 2,600 | November 2020 | 4,000 |
QAA shares | May 2014 | 2,000 | June 2021 | 5,300 |
Holiday House | Inheritance (see note below) | May 2021 | 355,000 |
Inheritance of Holiday House Catherine inherited this from her cousin. Her cousin paid $330,500 for it on 06/04/2015 and Catherine received the house on 01/08/2020 (at which point the market value of the house was $345,000). Her cousin passed away on 01/04/2020 (at which point the market value of the house was $340,000). Catherine has capital losses carried forward from 2019/2020 income year of $3,400 on collectables. Required Calculate Catherines minimum net capital gain for the year ended 30 June 2021 and capital losses, if any, to be carried forward to 2021/2022. Show all working.
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