SALE OF ASSETS INFORMATION
Carole Mc Donald sold the following assets during the year ended 30th June 2014.
Details Date Purchased Cost Date Sold Consideration
$ $
NBA Ltd 1 May 2014 35,000 1 June 2014 20,000
XYZLtd shares* 1 Sept 1965 65,000 30 May 2014 160,000
XRO Ltd 1 May 1998 15,000 1 March 2014 35,000
CBD Ltd 1 Jun 2014 $25000 28 June 2014 $50,000
FBU Ltd 15 Nov 1998 30,000 1 July 2013 33,000
Diamond Ring 18 July 1993 501 1 Feb 2014 200
Houseboat 21 Sep 1985 20,000 1 March 2014 25,000
Private Residence** 16 June 1986 300,000 12 March 2014 600,000
Gold Charms 31 March 1986 300*** 13 March 2014 2,500
Caravan 1 January 2010 12,000 15 June 2014 5,000
Motor Cycle 1 July 2012 5,500 15 June 2014 6,300
Sports Car 1 July 2011 6,500 30 June 2014 22,000
*These shares were purchased by the taxpayer's father on 1st September 1965. They were bequeathed to the taxpayer on 1 January 2009 (date of death of James' father). The market value of the shares at date of the father's death was $150,000.
**The private residence was rented for the period from 1 February1988 to 1 July 2008 while he lived overseas.
***Purchased as a set which cost $600
REQUIRED:
CALCULATE the minimum amount of net capital gain which is to be included in his assessable income for the year ended 30 June 2014. You must indicate how every item mentioned above is treated for tax purposes. You must refer to the relevant sections of the Income Tax Assessment Act 1997.