How would micah declare the net capital gain to the ato

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Reference no: EM133320670

Case: On 1 July 2019, Micah Wong, a Australian resident taxpayer aged 58, sold his mortgage broking business for $2,675,000 and retired (he was a sole trader). The proceeds are entirely for goodwill and the cost base for this asset consists solely of second element costs on disposal of $35,000.

Micah commenced business in 2008 and does not have any other current or prior year capital gains or losses. His business satisfies the requirements of Subdivision 152-C.

Question 1. What types (not amounts) of discount, reductions and concessions is Micah entitled to on the capital gain?

Question 2. How would Micah declare the net capital gain to the ATO, and how would it be taxed.

Reference no: EM133320670

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