Topic: Australia Taxation law – Capital Gains
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.
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