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What is monica net capital gain for given income tax year

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Question: Monica purchased land in Adelaide in 2001 for $40,000 with plans of building a home. However, she became distracted when she fell in love with Chandler and never managed to build. Monica is now getting married and requires money to fund her expensive wedding in the Barossa Valley. As she no longer needs the land, Monica plans to sell it and use the proceeds to help fund her wedding. Before selling, Chandler convinces her to build a small house at a cost of $100,000 on 30 April 2018 to increase the value of the property.

After the house was built, she manages to sell the property for $900,000 on 1 June 2020. On 4 June 2020 Monica also sells her limited edition Chanel handbag which she purchased for $12,000 in 2001, selling it for $9,000.

What is Monica's net capital gain for the 2019-20 income tax year?

Reference no: EM132670294

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