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Calculate the minimum amount of net capital gain

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Reference no: EM13510140

SALE OF ASSETS INFORMATION

Carole Mc Donald sold the following assets during the year ended 30th June 2014.

Details                    Date Purchased          Cost                 Date Sold                  Consideration

                                                                     $                                                              $

NBA Ltd                       1 May 2014          35,000          1 June 2014                      20,000

XYZLtd shares*           1 Sept 1965          65,000          30 May 2014                  160,000
XRO Ltd                       1 May 1998          15,000          1 March 2014                  35,000
CBD Ltd                       1 Jun 2014           $25000          28 June 2014                  $50,000

FBU Ltd                       15 Nov 1998         30,000          1 July 2013                       33,000

Diamond Ring             18 July 1993            501            1 Feb 2014                            200

Houseboat                  21 Sep 1985         20,000          1 March 2014                  25,000

Private Residence**   16 June 1986      300,000          12 March 2014              600,000

Gold Charms               31 March 1986         300***    13 March 2014                  2,500

Caravan                      1 January 2010     12,000          15 June 2014                      5,000
Motor Cycle                1 July 2012             5,500          15 June 2014                      6,300
Sports Car                   1 July 2011             6,500          30 June 2014                    22,000

*These shares were purchased by the taxpayer's father on 1st September 1965. They were bequeathed to the taxpayer on 1 January 2009 (date of death of James' father).  The market value of the shares at date of the father's death was $150,000.

**The private residence was rented for the period from 1 February1988 to 1 July 2008 while he lived overseas.

***Purchased as a set which cost $600

REQUIRED:

CALCULATE the minimum amount of net capital gain which is to be included in his assessable income for the year ended 30 June 2014. You must indicate how every item mentioned above is treated for tax purposes. You must refer to the relevant sections of the Income Tax Assessment Act 1997.

Reference no: EM13510140

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