Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. dipali is an australian resident individual. she p

Dipali is an Australian resident individual. She purchased a block of flats in Melbourne, Victoria...

70.2K

Verified Solution

Question

Finance

Dipali is an Australian resident individual. She purchased a block of flats in Melbourne, Victoria as an investment on 3 March 2005 for $950,000. She paid a stamp duty of $40,740 on the purchase and $3,000 in legal costs.

Dipali sold the block in December 2021 for $1,600,000, incurring $6,000 in legal costs and $108,000 for the agents commission.

Dipali incurred interest on the amount borrowed to purchase the property of $220,000 and council rates totalling $14,000.

Required:

a) Calculate the cost base for this asset.

b) Calculate the capital gain or loss for the disposal of this asset.

c) Calculate Dipali s assessable income for the 2021/2022 year, assuming she made a salary of $40,000, a net rental income of $50,000 and a capital loss of $6,130 from the sale of some shares same year.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

what is pH of 15.0g KH2PO4 + 27.0 g Na2HPO4 dissolved in H2O plus enough H2O...

Chemistry
Q

Why does the write-off of uncollectible accounts have no effect on the accounts receivable on the...

Accounting
Q

A sentence that contains the controlling idea for an entire paragraph and is typically the...

Basic Math
Q

Find the present value of the ordinary annuity.Payments of $40,000 made semiannually for 12 years...

Basic Math
Q

2 5 pts 6 3 148 Sketch the region bounded by x y and y...

Calculus
Q

Find an exponential regression curve for the data setAn exponential regression curve for the data...

Calculus
Q

Calculate the first eight terms of the sequence of partial sums correct to four decimal...

Calculus
Q

Problem 1 On May 1, 2021, the separate statement of financial position of Labs Corporation...

Accounting
Q

(c) Prepare a tender/estimate for the installation of 20 steel street lamps in 5 streets...

Accounting
Q

what are the purpose of internal control quality implications of leadership change in public sector...

Accounting
Q

Discuss the accounting cycle. Which steps in the cycle do you consider to be the...

Accounting
Q

Amiga Corporation has just paid an annual dividend of $1.24. Analysts are predicting a 11.9%...

Finance