Topic: Australia Taxation law – Capital Gains
Order Description
On 30 June 2015, Frank disposed of the following assets: (a) A holiday house. The house was purchased on 1 March 2005 for $200,000 and was sold for $610,000. At the time of acquisition Frank spent $2,000 on surveyor’s cost, $7,000 on stamp duty and $3,000 on valuer’s costs. On 1 February 2006, Frank spent $100,000 adding a second floor to the house. On 15 June 2010 he spent $20,000 in a successful court action to establish that his neighbour’s new fence had encroached on Frank’s property by 15 centimetres. In the previous income year he had rented the property out to tenants for a total of six months during school holiday periods. At all other times he used the holiday house personally. During the period that he owned the holiday house he had paid a total of $80,000 in interest, rates and insurance. He had claimed $10,000 of the $80,000 in respect of interest, rates and insurance as a tax deduction in his personal tax return in respect of the six months that he had rented the holiday house. When Frank sold the holiday house, he incurred $8,000 in stamp duty, advertising expenses and legal expenses. On 1 January 2015 Frank had granted an $11,000 three month option to purchase the property for $570,000 to a local property developer. The option lapsed on 31 March 2015. Frank retained the $11,000. His solicitor charged Frank $1,000 legal fees in respect of the creation of the option. (b) Shares in ABC Ltd. The shares were purchased on 20 January 2015 for $30,000 and sold for $50,000. (c) A painting. He had bought the painting on 1 October 2008 for $8,000. Frank sold it for $20,000. (d) A boat. The boat was purchased for $100,000 on 1 July 2012 and sold for $60,000. He did not live on the boat. Frank has an unabsorbed carry forward capital loss from the sale of shares 4 years ago of $40,000. He also has an unabsorbed carry forward loss from the sale of a rare coin 3 years ago of $20,000. REQUIRED Calculate Frank’s net capital gain or net capital loss for the income year ending 30 June 2015.
Our Service Charter
-
Excellent Quality / 100% Plagiarism-Free
We employ a number of measures to ensure top quality essays. The papers go through a system of quality control prior to delivery. We run plagiarism checks on each paper to ensure that they will be 100% plagiarism-free. So, only clean copies hit customers’ emails. We also never resell the papers completed by our writers. So, once it is checked using a plagiarism checker, the paper will be unique. Speaking of the academic writing standards, we will stick to the assignment brief given by the customer and assign the perfect writer. By saying “the perfect writer” we mean the one having an academic degree in the customer’s study field and positive feedback from other customers. -
Free Revisions
We keep the quality bar of all papers high. But in case you need some extra brilliance to the paper, here’s what to do. First of all, you can choose a top writer. It means that we will assign an expert with a degree in your subject. And secondly, you can rely on our editing services. Our editors will revise your papers, checking whether or not they comply with high standards of academic writing. In addition, editing entails adjusting content if it’s off the topic, adding more sources, refining the language style, and making sure the referencing style is followed. -
Confidentiality / 100% No Disclosure
We make sure that clients’ personal data remains confidential and is not exploited for any purposes beyond those related to our services. We only ask you to provide us with the information that is required to produce the paper according to your writing needs. Please note that the payment info is protected as well. Feel free to refer to the support team for more information about our payment methods. The fact that you used our service is kept secret due to the advanced security standards. So, you can be sure that no one will find out that you got a paper from our writing service. -
Money Back Guarantee
If the writer doesn’t address all the questions on your assignment brief or the delivered paper appears to be off the topic, you can ask for a refund. Or, if it is applicable, you can opt in for free revision within 14-30 days, depending on your paper’s length. The revision or refund request should be sent within 14 days after delivery. The customer gets 100% money-back in case they haven't downloaded the paper. All approved refunds will be returned to the customer’s credit card or Bonus Balance in a form of store credit. Take a note that we will send an extra compensation if the customers goes with a store credit. -
24/7 Customer Support
We have a support team working 24/7 ready to give your issue concerning the order their immediate attention. If you have any questions about the ordering process, communication with the writer, payment options, feel free to join live chat. Be sure to get a fast response. They can also give you the exact price quote, taking into account the timing, desired academic level of the paper, and the number of pages.