Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bitcoin Guru Bitcoin Blockchain Technology And How They Work

Authors: Dodie Holecz

1st Edition

979-8354194353

More Books

Students also viewed these Finance questions

Question

=+c. What accounts for whether case a or case b occurs?

Answered: 1 week ago