Raymond Ryans purchased a 50-year-old flat in Melbourne on 15 September 2010 for $350,000 which he subsequently let out to tenants until 15 October 2015. Due to personal circumstances, Raymond decided to personally use the flat from 16 October 2015. Raymond eventually sold the flat for $510,000 on 15 March 2020. Calculate the capital gain (if any) for the disposal of Graham Taylor's flat during the 2019/20 tax year.
Raymond Ryans purchased a 50-year-old flat in Melbourne on 15 September 2010 for $350,000 which he subsequently let out to tenants until 15 October 2015. Due to personal circumstances, Raymond decided to personally use the flat from 16 October 2015. Raymond eventually sold the flat for $510,000 on 15 March 2020. Calculate the capital gain (if any) for the disposal of Graham Taylor's flat during the 2019/20 tax year.
Chapter3: Income Sources
Section: Chapter Questions
Problem 97IIP
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Transcribed Image Text:Raymond Ryans purchased a 50-year-old flat in
Melbourne on 15 September 2010 for $350,000 which
he subsequently let out to tenants until 15 October
2015. Due to personal circumstances, Raymond
decided to personally use the flat from 16 October 2015.
Raymond eventually sold the flat for $510,000 on 15
March 2020.
Calculate the capital gain (if any) for the disposal of
Graham Taylor's flat during the 2019/20 tax year.
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