Li earned a salary of $75,000 for the year ended 30 June 2019. She also received additional income and paid expenses as follows:

Net rental income of $9,000

Capital losses on sale of shares $8,000

Bank charges of $150 on her investment account

Tax agents fees of $500

Purchase of a raffle ticket for $100 from the Royal Childrens Hospital. The prize was a motor vehicle

Calculate Lis taxable income and tax payable including Medicare levy for the year ended 30 June 2019. State any assumptions that you make. Where possible questions should be answered with reference to legislation, case law and/or principles of tax law.

With reference to each of the situations below, outline the Capital Gains Tax consequences of the transactions. Refer to legislation, case law and/or principles of tax law in your response.

Marianne purchased an asset on 1 June 2008 for $50,000 and on 29 June 2018 the asset is destroyed by fire. What are the capital gains tax consequences of the fire in relation to the asset that was destroyed?