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Tommy Turtleneck, an Australian tax resident, derived the following amounts in the year ended 30 June 2011:
Acquisition
Arm's-length cost
Sale date
Proceeds
date
$
1.
Sale of family car
June 2006
30,000
June 2011
35,000
2.
Sale of private motor bike
July 2006
10,000
8,000
3.
Sale of painting from
August 2006
400
80,000
private collection
4.
Sale of trading stock
May 2011
110,000
5.
Lottery win
N/A
300,000
6.
Sale of depreciating asset
April 2007
Cost = 10,000
3,000
used 100% for business
Adjustable value = 2,000
7.
Sale of shares in a
April 2011
70,000
company which were
acquired for a commercial
profit-making purpose
8.
Compensation for losing
20,000
his left leg in a shark attack
9.
Sale of his family home
April 2002
1,000,000
1,500,000
10.
Sale of rental property
April 1984
400,000
800,000
Required
Calculate the capital gain/capital loss (if any) in relation to each of the above scenarios. Cite the relevant section reference for each scenario (where relevant, you must identify the specific provisions/subsections/ paragraphs/items, etc.).
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