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Calculate the net capital gain if the taxpayer is sherlock

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Reference no: EM132359940

Question

Capital Gains Tax

Sherlock is a resident individual and has sold some of his share portfolio in the 2017/18 income year. The relevant details are:

a) Shares in LSD Ltd were sold on 6 September 2017 for $150 000. These had been purchased on 12 April 2017 for $110 000

b) Shares in Mirage Pharmaceuticals Pty Ltd were sold on 8 November 2017 for $80 000. These had been purchased on 1 April 1988 for $140 000

c) Shares in Wondersoft Instruments were sold on 15 May 2018 for $120 000. These had been purchased on 10 October 1984 for $10 000

Sherlock also has a trading loss from his sweet shop sole trader business of $15 000 for the 2017/18 year.

Required

Part A

With reference to relevant legislation calculate Sherlock's net capital gain for the 2017/18 income year

Part B

Calculate the net capital gain if the taxpayer is Sherlock Pty Ltd and is also a resident of Australia for tax purposes. Sherlock Pty Ltd is also a sweet shop.

Reference no: EM132359940

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