Page 422 - F1 Integrated Workbook STUDENT 2018

Chaptter 25

Exxampple 7

An entity bougght an asset for $20,000 on 01//02/X0. The asset waas sold for
$500,000 on 211/11/X9.
Cappital gains are taxed at 30%.

What is the ccapital tax to be paidd on the ddisposal?
Solution

$
Salees proceedds 50,000
Lesss: Cost (20,000)
––––––
Chaargeable gain 30,000
––––––

Cappital tax = $$30,000 ×× 30% = $99,000

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