Patrick, a Long-term Australian resident, decided to move overseas permanently, leaving June 2022. Accordingly, he entered into the following transitions:

Patrick sold a rental property at Tully (acquired - ie contract signed on 30 November 1999 for a purchase price of $100,000) for $150,000. The contract for the sale of this property was signed on 30 June 2019 but under the contract the transfer was not to occur for three months (ie in September 2019). Other costs relating to this property included:

1. solicitors fees and expenses (November 1999) $5,000

2. interest payments on mortgage (December 1999-2018) $10,000

3. painting the walls (30 June 2000) $5,000

4. real estate agents commission on sale $5,000

5. solicitors fees and expenses on sale $1,000

Required:

Calculate Patricks net capital gain or loss for the year ending 30 June 2018 and 2019. Assuming no other relevant transitions and no other incidental costs of acquisition or disposal. Quote supporting sections.