John Webb, aged 35, has always been an Australian resident.

During the current income year, he married Kate, an English resident, and they decided to make their home in the UK indefinitely. He left Australia on 30 September in the current year.

John owns the following assets:

1. A house in Melbourne. He bought the house seven years ago as a rental property. He is keeping the property.

2. 4,000 shares in Telstra a public company listed on the Australian Stock Exchange. He will keep the shares.

3. A Hyundai Excel car that he had bought five years ago for $16,000. Before he leaves for the UK he sells the car to his brother for $4,000.

4. A vacant block of land in New Zealand. He bought the land three years ago, with the idea he would eventually build a holiday cottage there. He is keeping the land.

Review these statements.

1. Rental property is taxable Australian property no CGT on leaving Australia
2. Shares are not taxable Australian property no CGT on leaving Australia
3. Car is exempt CGT asset no CGT on leaving Australia
4. New Zealand land is not taxable property CGT event I1.

Which of these is most correct?

A 2 and 3 only are correct.

B. 1, 2, and 3 only are correct.

C. 1, 3, and 4 only are correct.

D. 1 and 3 only are correct.

E. All are correct.