Notes:

Visit the Australian Taxation Office (ATO) website and access the following guide:

Personal investors guide to capital gains tax 2022 (PDF, product no: NAT 4152-06.2022, 44 pages)

Work through parts A and B (Chapters B1 and B2) of the guide, which cover the calculation of capital gains and losses for disposals of shares under CGT event A1.

Ben Lewis, an Australian resident taxpayer, sold shares in his investment portfolio on 25 March 2022.

The acquisition dates, costs and sale proceeds are shown in the table below.

	Company	Acquisition date	No. shares	Cost	Capital proceeds
#1	Argon Ltd	15/03/2016	725	$5,984	$5,362
#2	Carbon Ltd	10/02/1988	354	$9,000	$13,240
#3	Neon Ltd	04/05/2021	428	$8,790	$9,384
#4	Krypton Ltd	05/11/2008	236	$2,814	$3,913
#5	Silicon Ltd	13/09/1985	292	$1,200	$2,298

The costs include brokerage fees and any applicable stamp duty. There were no brokerage fees on sale.

Ben has the following unapplied net capital losses from the 2020/21 income year:

$222 arising from the sale of a collectable

$544 arising from the sale of shares

Assignment task

Determine the capital gain tax consequences of selling shares for an Australian resident individual and complete the relevant income tax return item.