Charles Harley seeks your advice for the 2015/16 income year with respect to the income tax implications of his transactions as given below:

Transaction Purchase Cost $ Date of Purchase Date of Sale Consideration $

Shares in Rio Tinto 6,000 20 Sept 84 11 July 15 19,500

Investment Property 110,000 1 April 03 31 Dec 15 320,000

Family residence 195,200 3 June 94 12 Aug 15 650,200

Shares in Telstra 6,300 17 Nov 96 17 Nov 15 5,050

A very Old Painting 13,100 3 March 91 13 April 16 14,350

Stereo System 7,000 8 May 97 16 June 16 3,000

Jewellery 7,850 23 April 82 22 April 16 6,300

Antique clock 13,250 30 May 95 9 May 16 18,250

Piano 23,100 12 June 99 12 June 16 24,300

Capital loss of $550 on Collectables was carried forward from previous years.

Assessment task - Specify any losses that Charles can carry forward to future years.