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A man purchased a main residence in March 2012 consisting of 16 equal rooms at a cost of $400,000. Four rooms had been exclusively used to run her medical practise. Tanishka sold the property to another medical practitioner  in January 2018. The sale price was $1,000,000. She also received an additional $50,000 from the purchaser for agreeing not to operate another medical practice within 5 kilometres of the property.

During the year ended 30 June 2018 Man also sold the following CGT assets

She sold the following shares. The details were as follow:

1000 Bamboozle Ltd shares

Date acquired: 1 July 2017  $20,000

Date sold:   23 May 2018  $37,000

1000 Skulduggery Ltd  shares

Date acquired 17 May 2003   $141,000

Date sold   1 April 2018   $ 74,000

Rare manuscript

Date acquired 1 May 2002   $19,000

Date sold   12 September 2017 $11,000

Medical Trolleys which was a depreciable asset

Date acquired 13 September 2012 $6,000

Date sold   12 September 2017 $1,000


(a) Identify the CGT assets and advise a man of the capital gains tax consequence in respect of the above CGT-assets (include calculations of gains or losses if any). Give reasons for your answers (6 marks)

(b) Calculate the net capital gain / capital loss man made on disposal of the above CGT-assets (2 marks)


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