Students must use a consistent style of referencing and cite the relevant research source when appropriate. Students may use the in$-$text referencing style used in their business degree or the Australian Guide to Legal Citation $(4$th edition$).$ Footnoting may be required for correct citations of cases and secondary sources. Reference to specific sections of legislation is not required. For example, s $6-5,$ ITAA$97$ is sufficient and does not require a footnote to the Income Tax Assessment Act $1979($Cth$).$

Tim Brown is planning to move to Singapore for work and has disposed of some of his investments before leaving Australia. The following investments were owned solely by Tim.

$($a$)$ A holiday home. The property was purchased on $15$ July $2001$ for $$370,000$ and sold for $$850,000.$ The holiday home was located at Venus Bay and used by the family mainly for holidays each year. The contract for sale was signed on $5$ May $2024$ and settlement is to take place on $5$ July $2024.$ The stamp duty and legal fees at the time of acquisition were $$24,000.$ The advertising and estate agent$$s fees at the time of disposal were $$6,500.$ On $18$ July $2011,$ Tim spent $$15,000$ renovating the bathroom in the holiday home. Tim rented the property out for $4$ years, from $10$ October $2016$ to $10$ October $2020.$ During this period, he derived rent of $$46,000.$ At all other times he kept it for private use by his family. During the period that he owned the property he had paid a total of $$115,000$ in interest, rates, and insurance. He had claimed $$12,000$ of the $$115,000$ as a tax deduction for the period it was rented out. He also spent $$5,278$ on legal fees as a result of having a dispute with his neighbour as to where the boundary was for the property.

$($b$)$ Vacant Land. Tim sold vacant residential land originally purchased on $26$ May $1984$ for $$66,000.$ He initially intended to build a house on the land but lacked the finance to do so$.$ The land was sold for $$630,000.$ The contract of sale was entered into on $28$ May $2024$ and settlement is to take place on $30$ August $2024.$

$($c$)$ A painting was purchased by Tim for $$46,000$ on $1$ May $2001.$ The painting was given to his daughter as a wedding present on $30$ April $2024.$ At the time of the gift the painting had been valued at $$146,000.$

$($d$)$ A yacht. Tim used the yacht for his personal use and for recreational purposes. Tim had bought the yacht on $1$ May $2019$ for $$9,500$ and he spent $$20,000$ renovating and restoring the yacht. The yacht was sold on $26$ March $2024$ for $$24,000.$

$($e$)$ BHP shares. Tim bought the shares on $2$ June $2023$ for $$45,000.$ He sold those shares on $2$ May $2024$ for $$150,000.$ At the time of purchase he incurred brokerage fees of $$240$ and when he sold them, he paid $$155$ in brokerage.

$($f$)$ Apartment. Tim also bought a $3-$bedroom unit in Brisbane for $$385,000$ on $3$ March $2012.$ The apartment was his main residence. In $2018$ he was posted to Darwin with his employment for $5$ years and during that time he rented an apartment in Darwin. The Brisbane property was rented out for $5$ years. He returned to Brisbane in December $2023$ and lived in his apartment with his family. He entered into a contract for the sale of the property on $15$ June $2024$ for the sum of $$955,000.$ Settlement is due to take place on $1$ August $2024.$

$($g$)$ Motorcycle. Tim sold a $1922$ Triumph motorcycle for $$112,000$ that he had inherited from his father in $2001.$ At the date of his father$$s death the motorcycle was valued at $$65,000.$

$($h$)$ CBA shares. Tim sold some shares in CBA Ltd for $$133,000$ on $2$ June $2024.$ He had bought the shares for $$24,600$ on $26$ March $2009.$

Tim has capital losses he is carrying forward from previous years of $$55,000$ from the sale of an antique and $$184,000$ from the sale of some shares. Tim is self$-$employed and works under his ABN. He invoiced his clients a total of $$164,800$ for the financial year and this amount excludes GST$.$ He has work related deductions of $$44,640$ for the financial year. He also paid $$25,000$ as a personal superannuation contribution. He paid a total of $$45,000$ as PAYG Instalments during the financial year.

REQUIRED

Calculate the net capital gain or capital loss for Tim for the year ended $30$ June $2024$ and his tax payable. with explanation

Resident tax rates $202324$

Taxable income Tax on this income

$0$ $$18,200$ Nil

$$18,201$ $$45,00019$ cents for each $$1$ over $$18,200$

$$45,001$ $$120,000$ $$5,092$ plus $32\mathrm{.}5$ cents for each $$1$ over $$45,000$

$$120,001$ $$180,000$ $$29,467$ plus $37$ cents for each $$1$ over $$120,000$

$$180,001$ and over $$51,667$ plus $45$ cents for each $$1$ over $$180,000$

The above rates do not include the Medicare levy of $2\%.$ AND CAN YOU PLEASE WRITE THE SECTION FOR each answer

$.$ For eg : s $6-5,$ ITAA$97$