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Question: John, an Australian resident, is an employee of the Commonwealth Bank and sells a number of assets during the income year. The transactions are as follows:
1. A vintage motorcycle for $25,000 after purchasing it in 2000 for $5,000 and restoring it to its original condition.
2. 500 shares in Ramsey Healthcare for $76.50 per share after buying them for $15.00 per share in 2010.
3. 1200 units in a unit trust for $10.50 per unit after buying them for $12.50 per unit in 2009.
4. A long-term investment property in Glenelg which he purchased for $40,000 in 1984 and recently sold for $1.2m. To achieve this price, he paid a highly rated real estate agent a commission of 4%.
What is John's net capital gain/loss for the income year if he has no capital losses from earlier years?
Describe the potential privacy problems that could arise in each of the following three areas of processing, and recommend the corrective action.
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Payment on application - $0.50 per share. Would the accountant be dealing with a receivable (asset) or payable (liability) when finalising the forfeiture
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On January 1, 2021, Solo Inc. issued 1,400 of its 7%, $1,000 bonds at 97.9. What is the carrying value of the bonds reported in the December balance sheet
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Alex also informs you that, under the current scheme, 70% of the firm's total overhead is allocated to his product. a. Computer the firm's total overhead cost and the overhead rate.
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