Question 3 18 marks Over the course of her working life, Wu, an Australian resident has travelled extensively and had acquired the following collectibles on such travels on the dates indicated: 30 March 1987, a Ming dynasty writing bureau for which she paid the equivalent of $15.000 28 September 1989, a lacquered vase which cost $6,000. 29 December 1995, a necklace and earring set made in the 14 century, costing $29.000 26 June 2001, an antique tortoiseshell hairclip for $450. Wu lives in the eastern suburbs of Sydney where she purchased her home for $600,000 on 25 June 1988. Over the years she has also purchased the following items: 1 April, 2005, a speedboat at the cost of $12,000 3 October 2007. a home stereo system at a cost of $16,000 28 March 2008, a BMW convertible motor car at a cost of $98,000 She also purchased half share, with her sister of a holiday home in northern New South Wales Wu and her sister purchased it on 28 June, 2003 and paid the advertised cost of $450,000 Stamp duty and other purchase costs, including legal costs, totalled $40,000. Wu and her sister took out a joint interest only loan on the property at a fixed rate on which they have been paying $16,000 per year in interest. Other costs relating to the property are $6,000 per year paid for rates and taxes. In late June 2008, major repairs and extensions were undertaken at a cost of $60,000. This property has never been rented and Wu and her sister use it as a holiday retreat for themselves and their friends As Wu is retiring and moving to Bali, she sold all her non-real estate assets via an auction house on 28 June 2018 for the following amounts: $23,000 for the Ming dynasty writing bureau $1,000 for the lacquered vase $100,000 for the necklace and earring set $3,000 for the antique tortoiseshell hairclip $16,000 for the speedboat $3,000 for the home stereo system $30,000 for the BMW convertible motor car. She sold her home for $1,500,000 on 27 June 2018 incurring $30,000 in selling costs. On 29 June 2018 she transferred her half share in the holiday home to her sister incurring $3,000 in legal fees. The holiday home was valued at $2,000,000 at the time of the transfer, Required: Calculate, where applicable, Wu's capital gain on the sale of each asset and Wu's total taxable capital gain. (Show all workings for both indexing and discount method where applicable) Question 4 & marks IMG_6641 (1).jpg IMG_6641.jpg O w Zalo azer Question 3 18 marks Over the course of her working life, Wu, an Australian resident has travelled extensively and had acquired the following collectibles on such travels on the dates indicated: 30 March 1987, a Ming dynasty writing bureau for which she paid the equivalent of $15.000 28 September 1989, a lacquered vase which cost $6,000. 29 December 1995, a necklace and earring set made in the 14 century, costing $29.000 26 June 2001, an antique tortoiseshell hairclip for $450. Wu lives in the eastern suburbs of Sydney where she purchased her home for $600,000 on 25 June 1988. Over the years she has also purchased the following items: 1 April, 2005, a speedboat at the cost of $12,000 3 October 2007. a home stereo system at a cost of $16,000 28 March 2008, a BMW convertible motor car at a cost of $98,000 She also purchased half share, with her sister of a holiday home in northern New South Wales Wu and her sister purchased it on 28 June, 2003 and paid the advertised cost of $450,000 Stamp duty and other purchase costs, including legal costs, totalled $40,000. Wu and her sister took out a joint interest only loan on the property at a fixed rate on which they have been paying $16,000 per year in interest. Other costs relating to the property are $6,000 per year paid for rates and taxes. In late June 2008, major repairs and extensions were undertaken at a cost of $60,000. This property has never been rented and Wu and her sister use it as a holiday retreat for themselves and their friends As Wu is retiring and moving to Bali, she sold all her non-real estate assets via an auction house on 28 June 2018 for the following amounts: $23,000 for the Ming dynasty writing bureau $1,000 for the lacquered vase $100,000 for the necklace and earring set $3,000 for the antique tortoiseshell hairclip $16,000 for the speedboat $3,000 for the home stereo system $30,000 for the BMW convertible motor car. She sold her home for $1,500,000 on 27 June 2018 incurring $30,000 in selling costs. On 29 June 2018 she transferred her half share in the holiday home to her sister incurring $3,000 in legal fees. The holiday home was valued at $2,000,000 at the time of the transfer, Required: Calculate, where applicable, Wu's capital gain on the sale of each asset and Wu's total taxable capital gain. (Show all workings for both indexing and discount method where applicable) Question 4 & marks IMG_6641 (1).jpg IMG_6641.jpg O w Zalo azer