Australian Tax 2021 by Dr Paul Kenny, Dr Sylvia - Accounting and Finance Assignment Help

Assignment Task:

Task:

Chapter 9: Capital gains and losses

8. Barnie, a resident, acquired the following assets:

•  Jewellery incurred on 15 November 1989 for $18,000
•  A rental house in Sydney, purchase contract signed and incurred on 1 August 1989 for $250,000
•  2,000 shares in BHP for $7 per share incurred on 5 November 1989, $14,000.
• The following occurred during the current taxation year:
• a. On 1 July of the current tax year, he sold the Sydney rental property for $400,000. He incurred $20,000 interest, $8,000 rates and taxes, and repairs of $3,000 on the property. In addition, he built an extension costing $40,000 on 23 March 2001.
• b. On 7 September of the current tax year, he sold the jewellery for $40,000.
• c. On 18 August of the current income tax year, he sold all his BHP shares for $9.25 per share less $0.25 per share brokerage.
• Advise Barnie of the capital gain or loss on each of the above transactions in the 30 June income tax year. Also, calculate the amount of the net capital gain/loss in the 30 June tax year.

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