During the financial year 2020/2021, Jessy made a capital gain of $33,000 on the sale of her shares in a companyand a $5,000 capital gain on the sale of her units in a trust. Assume either of these gains is a discount capital gain or eligible for the small business concessions. She also made a 'capital losses of $5,000 on the sale of her apartment, and she has a 'net capital loss' carried forward from the previous year of $6,500. A) What is Jessy's net capital gain for 2020/2021? Show working. B) How much should be included in her assessable income under s102-5.
During the financial year 2020/2021, Jessy made a capital gain of $33,000 on the sale of her shares in a companyand a $5,000 capital gain on the sale of her units in a trust. Assume either of these gains is a discount capital gain or eligible for the small business concessions. She also made a 'capital losses of $5,000 on the sale of her apartment, and she has a 'net capital loss' carried forward from the previous year of $6,500. A) What is Jessy's net capital gain for 2020/2021? Show working. B) How much should be included in her assessable income under s102-5.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter6: Losses And Loss Limitations
Section: Chapter Questions
Problem 39P
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Transcribed Image Text:During the financial year 2020/2021,
Jessy made a capital gain of $33,000
on the sale of her shares in a
companyand a $5,000 capital gain on
the sale of her units in a trust. Assume
either of these gains is a discount
capital gain or eligible for the small
business concessions. She also made
a 'capital losses of $5,000 on the sale
of her apartment, and she has a 'net
capital loss' carried forward from the
previous year of $6,500.
A) What is Jessy's net capital gain for
2020/2021? Show working.
B) How much should be included in her
assessable income under s102-5.
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