Question 3:

On 15 August 2021, Audrey died. Under her will, her daughter, Sandra, inherited several items.

On 19 June 2022, Sandra sold the following items which her mother had left her:

Item Inherited	Date Purchased by Mother	Cost to Mother	Market Value on Mother's Death	Capital Proceeds from Sale
a. Diamond ring	9 August 1971	$1,200	$14,500	$17,500
b. 200-year old Chinese vase	19 November 2000	$13,400	$21,600	$28,400
c. Rental property at Coolum	8 March 1997	$168,000	$445,000	$493,000
d. Shares in Wesfarmers Ltd	11 August 1985	$4,720	$25,120	$29,860
e. Shares in JB Hi-Fi Ltd	20 July 2021	$2,200	$2,100	$2,460
f. Camping Trailer	5 February 2004	$15,000	$10,900	$8,500

Required:

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

Calculate Sandras 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 Sandra wishes to minimise her taxable income by choosing the CGT discount method. Furthermore, Sandra advises you that she has no carry-forward capital losses.

Photo of a Camping Trailer