Question 5 (CGT) Jacquie is a resident of Australia for taxation purposes. In which of the following situations would she be mostly likely to have a capital gain or capital loss under the taxation legislation assuming all the sales took place in the 2018 income year? 1) Sale of a Motor bike for $15,000. The bike was acquired for $10,500 in 2008. 2) Sale of a refrigerator for $8,000 which was acquired for $11,000 in 2012. 3) Sale of a painting for $5,000. The painting was acquired by Jacquie on the death of her mother who died on 4 June 2010. Her mother had purchased the painting for $200 in 1993. 4) Sale of artwork for $800 where it was purchased by Jacquie for $560 in 1987. 5) Sale of her home for $500,000 in June 2018 where the person had lived in the home for the whole period of ownership.
she would be mostly likely to have a capital gain or capital loss under the taxation legislation assuming all the sales took place in the 2018 income year in the following situations:
2) Sale of a refrigerator for $8,000 which was acquired for $11,000 in 2012. -because value of asset acquired for personal use is above $10000
4) Sale of artwork for $800 where it was purchased by Jacquie for $560 in 1987. - because value of collectable acquired is above $500.
Question 5 (CGT) Jacquie is a resident of Australia for taxation purposes. In which of the...
Question 5 (15 marks) Maurice is an individual tax resident of Australia for tax purposes. He has the following assets: His home was acquired on 20 February 1989 for $140 000. The home was never used for any income producing purpose. The estimated market value of the house on 1 March 2018 is $310 000 Shares in FUL Pty acquired on 10 April 1984 at a cost of $15 000. Furniture acquired on 20 May 2010 for $9 500. Block...
Simon is an Australian resident taxpayer who has undertaken the following transactions during the tax year ending 30 June 2019. Item number Transaction Particulars 1 Sold car Purchased on 1 March 2010 for $30,000. Sold on 20 April 2019 for $12,000 2 Sold painting Purchased on 1 January 2008 for $600. Sold on 3 February 2019 for $6,000 3 Shares sold in C Pty Ltd Purchased on 14 April 2013 for $10,000 and sold on 15 May 2019 for $20,000....
Simon is an Australian resident taxpayer who has undertaken the following transactions during the tax year ending 30 June 2019. Item number Transaction Particulars 1 Sold car Purchased on 1 March 2010 for $30,000. Sold on 20 April 2019 for $12,000 2 Sold painting Purchased on 1 January 2008 for $600. Sold on 3 February 2019 for $6,000 3 Shares sold in C Pty Ltd Purchased on 14 April 2013 for $10,000 and sold on 15 May 2019 for $20,000....
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