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Book/movie review
22/08/2022
Your client is a wealthy investor and property owner. Your client provides you with information (asdetailed below) about various transactions that took place between 1 July 2015 and 30 June 2016.Many of these transactions were undertaken to raise funds for the purchase of a large industrialcomplex, which is to be finalised in October 2016.1) Warehouse: On 30 April 1985 your client acquired a large parcel of vacant land at Rocklea, asuburb in Brisbane with a significant number of commercial buildings. The purchase price was$180,000 and your client incurred $2,000 in legal fees and $18,000 in stamp duty whenpurchasing the land. In April 2000 your client signed a contract for the construction of a largewarehouse on the land. The final construction cost was $1,000,000. The warehouse is used tohouse your client’s extensive motor vehicle collection. Your client sells the warehouse for$2,200,000 on 1 October 2015. At the time of sale, an independent valuation revealed the landcomponent of the sale price was $1,200,000. During the period of ownership, your client paid$100,000 in land taxes. Your client paid $80,000 to insure the warehouse building against floodand fire damage.2) Shares: Your client has a substantial share portfolio acquired over many years. Your client sells30,000 shares in E-Sales Ltd. These shares were acquired in March 1995 for $1.20 a share and LAWS3101 | Tutorial 8Page | 2sold on 1 February 2016 for $5.25 a share. Your client incurs $1,500 in brokerage fees on thesale and $2,000 in stamp duty costs on purchase.3) Boat: Your client owned a luxury motor cruiser that was moored at the Manly Yacht Club. Yourclient used the boat to go fishing over weekends and to cruise the waters of Moreton Bay. Yourclient purchased the vessel in late 2006 for $140,000 and sells the vessel on 1 June 2016 to alocal boat broker for $90,000. During the period of ownership your client paid a total of$25,000 in weekly mooring fees to the Manly Yacht club and also incurred $20,000 in repairsand maintenance costs on the vessel.4) Dining Table: Your client acquires a large, hand crafted, English oak dining table for $8,000 inApril 2001. The table is very old, having been constructed sometime during 1910 and was usedby your client and his family in their formal dining room. Your client auctions the table in April2016 and it sells for a record price of $50,000. Your client also pays $2,000 in auction fees.During your client’s period of ownership they paid $3,000 to insure the table against loss ordamage.5) Your client also has a significant capital loss carried forward from the 2014-2015 income year.These losses total $105,000 and relate to losses from the sale of shares during the 2008 GlobalFinancial Crisis.6) You can assume your client is not an eligible Small Business Entity. Therefore the SmallBusiness CGT concessions do not apply to any capital gains made in the year of income.7) You can also assume your client is not carrying on a business as a share trader.You are required to:Advise your client which amount(s), if any, must be returned as assessable income for the 2015-2016income year. Show all calculations and reference to the Income Tax Assessment Acts, relevant courtcases and rulings from the Australian Taxation office.
Could you please answer the question as much as clear. thanks
The writer is very fast, professional and responded to the review request fast also. Thank you.
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