Peter is planning to marry Ann on 12 September 2023. To make sure there were enough funds to pay for the wedding and the honeymoon, Peter sold the following assets:

1. A holiday house. The house was purchased on 3 January 1989 for $350,000 and sold for $650,000. The contract for sale was signed on 5 May 2023 and settlement is to take place on 5 July 2023. The stamp duty and legal fees at the time of acquisition were $20,000. The advertising and estate agents fees at the time of disposal were $8,000. On 13 June 2010, Peter spent $15,000 adding a second bathroom to the house. Peter rented the house out for 6 months, from 10 October 2018 to 10 April 2020. During this period, he derived rent of $10,000. At all other times he kept it for private use by his family. During the period that he owned the house he had paid a total of $75,000 in interest, rates and insurance. He had claimed $15,000 of the $75,000 as a tax deduction for the year ended 30 June 2008.

The CPI numbers are:

March 1989 51.7

September 1999 68.1

1. Vacant Land. Peter sold vacant residential land originally purchased on 16 June 1984 for $100,000. He initially intended to build a house on the land but lacked the finance to do so. The land was sold for $500,000. The contract of sale was entered into on 28 May 2023 and settlement is to take place on 30 August 2023,

1. A painting was purchased by Peter for $20,000 on 1 May 2001 and sold for $30,000 on 30 April 2023,

1. Peter used a horse for his personal use and for recreational purposes. Peter had bought the horse on 1 May 2014 for $6,000. The horse died and on 26 March 2023, he received $16,000 under the insurance policy,

1. Peter bought BHP Ltd shares on 2 June 2022 for $45,000. He sold those shares on 2 May 2023 for $90,000,

1. Peter also bought a 2-bedroom unit in Brisbane for $385,000 on 3 March 2012. The apartment was his main residence. In 2019 he was posted to Darwin with his employment for 5 years and during that time he rented an apartment. The Brisbane property was rented out for 5 years. He returned to Canberra in 2022 and lived in his apartment. On 3 March 2023 Peter signed a contract to sell the property. He entered into a contract for the sale of the property on 15 April 2023 for the sum of $555,000. Settlement is due to take place on 1 August 2023.

1. He sold a vintage Morris motor car for $68,000 that he had purchased in 1996 for $25,000. The car was made one of only 50 made in 1927.

Peter has capital losses he is carrying forward from previous years of $19,000 from the sale of an antique and $10,000 from the sale of some shares. Peter received a gross salary of $164,000 from his employment as an auditor and he has deductions of $750 for his CPA membership and $5,000 for his professional indemnity insurance. He is self employed and works under his ABN. He also paid $15,000 as a personal superannuation contribution. He paid a total of $25,000 as PAYG Instalments during the financial year.

REQUIRED

Calculate the net capital gain or capital loss for Peter for the year ended 30 June 2023 and his tax payable.