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RUDY, an Australian resident, had been living in Syaney. He decided to take a new...

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Accounting

RUDY, an Australian resident, had been living in Syaney.

He decided to take a new job and transferred to Newcastle.

Before moving, he sold the following assets:

Item. Purchase price. Sell price

Yacht $80000. $100000

King Size Bed. $4000. $2500

Gold jewellery. . $5000. $10000

Flat Screen Television $1000. $1500

Antique Vase $4000. $5000

All assets were purchased on 1 July 2015 and sold on 30 June

2023. The yacht has been used as his home since it was purchased, and he had nowhere else to live. Because of the pandemic and the shortage of accommodation he was surprised to sell it for more than it cost.

Required:

Explain how you would assess the capital gain on each of these items and then calculate the total amount to be included in his assessable income, if any, from these CGT events?

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