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Advise the Capital Gain Tax Consequences

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Reference no: EM132639188

Question - Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets:

1. Antique Painting that was given to Taryn by her father 5 years ago. Taryn's father bought it on 20 August 1984 for $2,500. Taryn sold it on 1'st June 2020 for $25,000.

2. Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20'th May 2020, she bought on 1'st January 2015 for the amount of $20,000.

3. Taryn sold her Harry Potter's collection for the amount of $1,500 on 4'th January 2020, she bought it second hand on 10'th October 2018 for $350.

4. Taryn sold her gold necklace for $2,000 on 20'th March 2020, she bought it for $1,200 on 8'th August 2018.

5. Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994 for $1,500.

Advise the Capital Gain Tax Consequences for the above transactions, please have a look at the matrix below on how to answer the question

Identification of material facts on regard to each case.

Identification and analysis of legal issues / legal question and relevant taxation law for each case.

Thorough application of ITAA 1997 to material facts.

Accurate conclusions are reached from each case.

Correct information and taxation law have been used and properly cited. A detailed analysis has been performed.

Reference no: EM132639188

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