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5 Found helpful • 8 Pages • Essays / Projects • Year: Pre-2021
Introduction In order to advise Mr. Smith (Smith) on his capital gain consequences for the 2014-2015 income year Division 100 of the Income Tax Assessment Act 1997 (Cth) will be used. 1. Jewellery The jewellery that Smith gifted his daughter is classified as a collectable as per section 108-10(2)(a).1 This causes CGT Event A1 to occur due to a change of ownership.2 The cost base of the jewellery is the $50,000 incurred on acquiring the ring.3 As there were no capital proceeds on disposal of the jewellery, Smith is taken to have received the market value of the jewellery of $75,000 on 30 June, 2015. With the application of the market value substitution rule4, there is a capital gain5 of $25,000.6
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