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3 Found helpful • 18 Pages • Essays / Projects • Year: Pre-2021
All legislative reference are in regards to the Income Tax Assessment Act 1997 (Cth) unless stated otherwise. Any reference to CGT events throughout this response assumes it is is in regards to a CGT asset as defined in section 108-5.1 Question One Mr Lombard Sydney & Adelaide properties CGT Event A1 occurs when the Lombard’s disposed of their Sydney property.2 The timing of the disposal happens when the change of ownership occurred which is on the 31 March, 2016.3 The capital proceeds amount to $1,500,000 as the amount Mr. Lombard received4 and the cost base is $600,000 as the money paid to acquire the property.5 As the capital proceeds exceed the cost base, Mr. Lombard makes a capital gain of $90
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