Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with this question. THank you Ronny is your client and has come to you to prepare his tax return. During the 2018-19
I need help with this question. THank you
Ronny is your client and has come to you to prepare his tax return. During the 2018-19 financial year, Ronny has disposed of the following assets: (a) Ronny purchased a motor vehicle for personal use in May 2017 from an auction warehouse for $25,000. Ronny has spent $5,000 on improvements to the vehicle. In June 2019 Ronny sells the vehicle for $45,000. Ronny purchased a vacant block of land in May 1991 for $300,000. In April 1998 Ronny subdivides the vacant block of land into two equal portions, both portions are valued at $200,000 each. In May 2019 Ronny sells one of the vacant blocks of land for $400,000 (c) Ronny acquired ANZ shares on 15 December 2018 for $25,000. He sold those shares on 2 May 2019 for $40,000. (b) Calculate Ronny's Capital Gain, subject to Tax for the year ending 30 June 2019. Provide justification for your calculations using legislation and case lawStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started