Question
Please advise the consequences of these following transactions from CGT (Capital Gain Tax) point of view (a) A gold bangle which cost $390 (bought 7
Please advise the consequences of these following transactions from CGT (Capital Gain Tax) point of view (a) A gold bangle which cost $390 (bought 7 months ago) sold today for $2,000 (b) A second-hand car purchased for $15,000 7 months ago, sold today for $20,000 (c) Shares in QAN (Qantas) purchased 3 months ago for $2,000, sold today for $4,000 (d) Your home (primary residence) purchased for $650,000 3 years ago. Sold today for $1,000,000 (e) A painting hung in the foyer of your design firm purchased 5 years ago for $450 and sold today for $5,000? (f) A holiday house at Hyams Beach purchased 2 years ago for $450,000 sold today for $700,000?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started