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Capital Gains - Active Asset reduction and small business rollover
Point 1: On 9 August 2017, Alfonso Garcia sold the business premises from which he has conducted his sand and gravel wholesale business for $790,000. The cost base of the premises was $520,000 when purchased in 2010.
Point 2: Alfonso moved into rented premises and spent $35,000 on fittings and leasehold improvements on 19 August 2017. These are deemed to be replacement assets.
Point 3: Alfonso's business satisfies all of the eligibility criteria to access the small business capital gains tax concessions.
Required:
Question 1: Calculate Alfonso's net capital gain for the 2017/18 tax year.
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