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facts: Patty Wicker, a resident taxpayer purchased a house on 30 June 2012 which she used as her main residence for 1 year until 30
facts: Patty Wicker, a resident taxpayer purchased a house on 30 June 2012 which she used as her main residence for 1 year until 30 June 2013. During this time she moved her furniture into the property, had of the services connected and updated her address with relevant organisations. The house was originally purchased for $420,000. The market value of the property on 30 June 2013 was $475,000. The house was sold for $750,000. Patty did not dispose of any other assets during the 2019/20 tax year. Issues to address in your latter: (1) is twelve months of residing in the property to be classified as a main residence? (2) calculate patty net capital gain in respect of the 2019/20 tax year. (3) would your answer change if Patty had lived in another home that she purchased on 30 June 2013? Is there any choice that Patty could apply for? (4) would your answer change if Patty become a none resident for the entire 2020 income year? Each one of the answers should include a discussion of the Australian relevant law, including case and legislative reference
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