Tommy Turtleneck, an Australian tax resident, derived the following amounts in the year ended 30 June 2011:
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Acquisition
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Arm's-length cost
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Sale date
|
Proceeds
|
|
|
|
date
|
$
|
|
$
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|
|
|
|
|
|
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1.
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Sale of family car
|
June 2006
|
30,000
|
June 2011
|
35,000
|
|
2.
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Sale of private motor bike
|
July 2006
|
10,000
|
June 2011
|
8,000
|
|
3.
|
Sale of painting from
|
August 2006
|
400
|
June 2011
|
80,000
|
|
|
private collection
|
|
|
|
|
|
4.
|
Sale of trading stock
|
May 2011
|
80,000
|
May 2011
|
110,000
|
|
5.
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Lottery win
|
N/A
|
N/A
|
May 2011
|
300,000
|
|
6.
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Sale of depreciating asset
|
April 2007
|
Cost = 10,000
|
June 2011
|
3,000
|
|
|
used 100% for business
|
|
Adjustable value = 2,000
|
|
|
|
7.
|
Sale of shares in a
|
April 2011
|
70,000
|
May 2011
|
80,000
|
|
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company which were
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|
|
|
|
|
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acquired for a commercial
|
|
|
|
|
|
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profit-making purpose
|
|
|
|
|
|
8.
|
Compensation for losing
|
N/A
|
N/A
|
May 2011
|
20,000
|
|
|
his left leg in a shark attack
|
|
|
|
|
|
9.
|
Sale of his family home
|
April 2002
|
1,000,000
|
June 2011
|
1,500,000
|
|
10.
|
Sale of rental property
|
April 1984
|
400,000
|
June 2011
|
800,000
|
|
|
|
|
|
|
|
Required
Calculate the capital gain/capital loss (if any) in relation to each of the above scenarios. Cite the relevant section reference for each scenario (where relevant, you must identify the specific provisions/subsections/ paragraphs/items, etc.).