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Mr Chan saw a shop in Ashfield advertised in the Domain section of The Sydney Morning Herald for $450,000. He decided to acquire the shop
Mr Chan saw a shop in Ashfield advertised in the "Domain" section of The Sydney Morning Herald for $450,000. He decided to acquire the shop with the intention of leasing it out to interested entrepreneurs. The signed contracts were exchanged for the shop on 29 September 2006 and the purchase price was paid on 6 January 2007.
Discuss the capital gains tax implications of the following:
(a) the shop was sold on 30 June 2019 for $1,115,000
(b) the shop was sold on 30 June 2019 for $180,000
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