Question
Maria is an investor and over the years has acquired and disposed of a number of assets. She has kept records of all these transactions.
Maria is an investor and over the years has acquired and disposed of a number of assets. She has kept records of all these transactions. During the year ended 30 June 2020, Maria disposed of several assets. As a result of these disposals, she made a number of capital gains and losses:
Profit on sale of trading stock $15000
Loss on Disposal of motor vehicle $(5000)
Gain on Disposal of vacant block of land (acquired 1/9/19) $17000
Gain on sale of shares $4525
Loss on sale of shares $(2630)
Loss on Disposal of the caravan (cost $25000) $(5000)
Loss on Disposal of the antique watch (cost $4000) $(560)
Gain on Disposal of the investment property (acquired 24/12/2004) $162000
Capital losses carried forward from previous years:
Loss on Disposal of painting $1200
Loss on Disposal of Shares $12000
All assets, other than the land, had been owned by Maria for more than 12 months and had been acquired since December 1999.
Required:
Calculate the net capital gain that Maria should include in her tax return for the year ended 30 June 2020 and any losses that can be carried forward to future years.
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