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Question 3

Consider the following 2 transactions: You acquire a large block of land with a single title. You subdivide the land into 6 smaller blocks and sell 5 of them. On the remaining block you construct a house with an associated granny flat. As you do not have a granny, you sell the granny flat. Are there any CGT implications associated with these transactions?

Question 4. On 2 June 2021, David transfers a rental property to his wife Tanya, at no cost. David acquired the property in May 2013 for $250,000. The market value on the day of disposal was $500,000. Is there a capital gain?

Question 5.

Jan is an Australian resident adult individual non-business taxpayer entity. She has carried forward capital losses of $2,000 from the 2020 income year. During the 2021 income year, the following occurred:

• In January 2021, Jan sold ANZ shares which she purchased in March 2014. This resulted in a capital gain of $50,000.

• In May 2021, Jan sold 500 Rio Tinto shares she purchased in May 2012. This resulted in a capital loss of $10,000.

  Calculate Jans net capital gain to be included in her assessable income for the year ended 30 June 2021.