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uan was forced to move to Sydney to care for his sick grandparents. Before moving, Juan...

uan was forced to move to Sydney to care for his sick grandparents. Before moving, Juan sold the following assets:

Item                                        Purchase Price     Sale Price

Suzuki Motor Bike               $15,000                 $86,000

Oil Painting                            $190,000               $312,000

Oak wood dinner table       $26,000                 $14,000

Snowboard                            $8,000                   $11,000

Antique bracelet                 $31,000                 $21,000

Holiday Apartment              $597,000               $686,000

All assets were purchased on 1 October 2009 and sold on 30 June 2017.

Required: Calculate the total amount, if any, to be included in Juan’s assessable income from these CGT events?

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ReportAnswer #1

Amount to be included in the income are as follows

Oil painting

312000 - 190000 = 1,22,000$

Holiday apartment

686000 - 597000= 89000$

Total amount will be =2,11,000$

Sale of other products do not attract capital gain tax.

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