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

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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.

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