Solutions CLWM4100- Taxation Law Workshop 5 Capital Gains Tax In January 2018, Jan sold ANZ shares which she purchased in March 2014. This resulted in a capital gain of $50,000. In May 2018, Jan sold 500 Rio Tinto shares she purchased in May 2012. This resulted in a capital loss of $10,000. Calculate Jan’s net capital gain to be included in her assessable income for the year ended 30 June 2018.
Questions during workshop Question 1 Discuss the following comment The disposal of any form of asset will always result in an assessable amount under the capital gains tax rules
Question 2On 2 June 2018, David transfers a rental property to his wife Tanya, at no cost. David acquired the property in May 2013 for $250,000. The market value on the day of disposal was $500,000. Is there a capital gain?