Advise the Capital Gain Tax Consequences for the above transactions, please have a look at the matrix below on how to answer the question
QUESTION 2
Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets:
1. Antique Painting that was given to Taryn by her father 5 years ago. Taryn’s father bought it on 20 August 1984 for $2,500. Taryn sold it on 1’st June 2020 for $25,000
2. Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20’th May 2020, she bought on 1’st January 2015 for the amount of $20,000
3. Taryn sold her Harry Potter’s collection for the amount of $1,500 on 4’th January 2020, she bought it second hand on 10’th October 2018 for $350.
4. Taryn sold her gold necklace for $2,000 on 20’th March 2020, she bought it for $1,200 on 8’th August 2018
5. Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994 for $1,500
Advise the
QUESTION 2: Capital gain tax consequences Weighting
Identification of material facts on regard to each case
2 %
Identification and analysis of legal issues / legal question and relevant
2 %
Thorough application of ITAA 1997 to material facts.
2 %
Accurate conclusions are reached from each case.
6 %
Correct information and taxation law have been used and properly cited. A detailed analysis has been performed.
3 %
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