Question 1:

On 14 May 2022, Bianca disposed of the following assets.

Item	Acquisition Date	Purchase Price	Sale Price
a. Family home	March 2002	$265,000	$640,000
b. Family car	April 2011	$35,000	$15,000
c. Speedboat	October 2005	$13,500	$18,500
d. Pro Hart painting	May 2012	$1,200	$3,700
e. Shares in Myer Holdings Ltd	June 2021	$5,600	$13,600
f. Television and stereo system	October 2013	$3,200	$1,800
g. Rare coin collection	November 2008	$400	$4,400
h. Rolex watch	December 2010	$11,000	$6,500

Required:

Calculate Biancas gross capital gain or capital loss in respect of the disposal of each asset.

Calculate Biancas overall net capital gain or capital loss which needs to be included at Item 18 of her income tax return as part of her assessable Income. Assume that Bianca wishes to minimise her taxable income by choosing the CGT discount method. Furthermore, Bianca advises you that she has no carry-forward capital losses.