Question:
Assessment Description
Harrison Carter, an Australian resident, seeks advice on the CGT consequences of the following events. He exchanged contracts for the acquisition of an investment property, at market value, on 24 January 1999, paying a 10% deposit of $80,000. Property settlement was deferred until 5 December 2001, when the balance of $720,000 was paid, title transferred, and his name was recorded as the registered proprietor. At the time of settlement, the market value of the property was $1m. He sold the property on 14 June 2018 for $1.3m.
Assessment Instructions
Answer the questions, in a maximum of 800 words or approximately 400 words per question. You are also required to deliver a 1-minute video presentation summarising your assignment. This assignment must be presented as an individual effort. The assignment requires individual research using a range of tax resources. It is expected the you will survey the relevant literature, including decided cases, and select appropriate additional resources.
Part 1) You must explain the timing of a CGT event with relevant section numbers and cases.
Part 2) Advise net capital gains (losses) to be included in Harrison Carter’s tax return for the years ending 2018 and 2019. Include ALL available methodsfor calculating a capital gain for both years.
Academic Integrity Policy
KBS values academic integrity. All students must understand the meaning and consequences of cheating,
plagiarism and other academic offences under the Academic Integrity and Conduct Policy.
What is academic integrity and misconduct?
What are the penalties for academic misconduct?
What are the late penalties?
How can I appeal my grade?
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