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Calculate the Net Capital Gain

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Question - Catherine won a seat in Parliament and transferred to Canberra. Before moving, she sold the following assets:

Item

Purchase Price

Sale Price

Main residence

$450,000

$650,000

Vacant land

$110,000

$250,000

Antique

$450

$30,000

Coin

$30,000

$29,000

Queen-size Bed

$9,800

$24,000

All assets were purchased on 1 October 2006 and sold on 30 June 2020.

Required - Calculate the Net Capital Gain, if any, to be included in Catherine's assessable income.

Reference no: EM132593817

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