.... o vodafone AU 4G 3:06 te.moodle.com.au Example of a CGT Long Question Con M
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.... o vodafone AU 4G 3:06 te.moodle.com.au Example of a CGT Long Question Con Metropoulis received a promotion and transferred to Sydney. Before moving, Con sold the following assets: Item Purchase price Sale price Home 95,000 135,000 Vacant land 28,000 30,000 ,000 ,500 00 8000 2,000 1,800 Caravan Old etching Antique sideboard All assets were purchased on 29 October 1985 and sold on 30 June in the current income year. What amounts would be included in Con's assessable income for the year of sale? Set out your full answer in a table.Explanation / Answer
Profit of $40000 is tax free.
Computation of Con's Assessable Income
Profit from vacant land = $2000
Profit from sale of old etching = $7500
Total Income = $9500
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