Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. rudy, an australian resident, had been living in s

RUDY, an Australian resident, had been living in Syaney. He decided to take a new...

70.2K

Verified Solution

Question

Accounting

RUDY, an Australian resident, had been living in Syaney.

He decided to take a new job and transferred to Newcastle.

Before moving, he sold the following assets:

Item. Purchase price. Sell price

Rented apartment $480000. $580000

Yacht. . $50000. $62500

Gold jewellery. . $5000. $10000

Flat Screen Television $1000. $1500

Antique Vase $4000. $3000

All assets were purchased on 1 July 2015 and sold on 30 June

2023. The yacht has been used as his home since it was purchased, and he had nowhere else to live. Because of the pandemic and the shortage of accommodation he was surprised to sell it for more than it cost.

Required:

Explain how you would assess the capital gain on each of these items and then calculate the total amount to be included in his assessable income, if any, from these CGT events?

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

St. Johns River Shipyards' welding machine is 15 years old, fully depreciated, and has no salvage...

Finance
Q

Consider the curve traced out by the parametric equations: { x = 1 + cos(t) y...

Advance Math
Q

Carbohydrates are linked to diseases of lifestyle.  Discuss this statement in which it becomes clear how the risk...

Medical Sciences
Q

Problem 6 The minimum deviation produced by a glass prism of angle 60 is 30...

Physics
Q

Cookies are sold singly or in packages of 2 or 6 With his packaging how...

Basic Math
Q

mal Probability Distribution Quiz K The scores on a mathematics exam have a mean of...

Statistics
Q

Do you think the problems are the same when it comes to budgetary accounting for...

Accounting
Q

(5 pts) If The WeLoveFinanceAndWantToTakeMore Company invests in the following 4-year project, by what amount...

Accounting
Q

Coderre Corporation manufactures and sells a single product. The company uses units as the measure...

Accounting
Q

During inflation, replacement cost accounting will: Multiple Choice decrease the value of assets....

Accounting
Q

Garrison Corporation was closing its books on May 31. Garrison's accountant prepared a bank reconciliation...

Accounting
Q

You are interested in purchasing a bond, your required rate of return is 9.5%, you...

Finance