Question
RUDY, an Australian resident, had been living in Syaney. He decided to take a new job and transferred to Newcastle. Before moving, he sold the
RUDY, an Australian resident, had been living in Syaney.
He decided to take a new job and transferred to Newcastle.
Before moving, he sold the following assets:
Item. Purchase price. Sell price
Yacht $80000. $100000
King Size Bed. $4000. $2500
Gold jewellery. . $5000. $10000
Flat Screen Television $1000. $1500
Antique Vase $4000. $5000
All assets were purchased on 1 July 2015 and sold on 30 June
2023. The yacht has been used as his home since it was purchased, and he had nowhere else to live. Because of the pandemic and the shortage of accommodation he was surprised to sell it for more than it cost.
Required:
Explain how you would assess the capital gain on each of these items and then calculate the total amount to be included in his assessable income, if any, from these CGT events?
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Financial Accounting A User Perspective
Authors: Robert E. Hoskin, Maureen R. Fizzell, Donald C. Cherry
4th Canadian Edition
0470834455, 978-0470834459
