The gains in value from which of the following are LEAST likely to be assessable income in Australia based on the lecture material:

Question

BlackTom AI · Accepted Answer

The correct answer is b because the main residence (principal place of residence) exemption under Australian capital gains tax (CGT) rules ordinarily prevents a capital gain on a home lived in as the taxpayer’s main residence from being included in assessable income.

1. Relevant knowledge points and concepts
- Capital Gains Tax (CGT) in Australia: a gain is generally assessable when a CGT event (e.g., sale) occurs on a CGT asset.
- Main residence (PPOR) exemption: a dwelling that has been the taxpayer’s main residence for the entire ownership period is typically fully exempt from CGT.
- Other assets (cryptocurrency, shares, and investment property) are CGT assets; gains on those are generally assessable (subject to possible discounts like the 50% CGT discount for individuals who held the asset >12 months).

2. Step-by-step reasoning and calculations
- Sarah (Bitcoin): bought $10,000 → sold $15,000. Nominal capital gain = $15,000 − $10,000 = $5,000. Cryptocurrency is treated as a CGT asset (unless caught by trading rules), so this $5,000 is ordinarily assessable.
- Haoyu (stocks): bought $10,000 → sold $15,000. Capital gain = $5,000. Shares are CGT assets; gain is assessable (and if held >12 months, individual may be eligible for 50% discount on the capital gain when calculating taxable capital gain).
- John (main residence): bought $500,000 → sold $600,000. Capital gain = $100,000. Because he lived in it as his main residence for the entire period, the main residence exemption typically applies, so the $100,000 gain is not included in assessable income.
- Zihan (investment rental): bought $500,000 → sold $600,000. Capital gain = $100,000. As an investment property rented out the whole time, CGT applies and the gain is assessable (subject to possible 50% discount if held >12 months).

3. Why the correct answer is correct
- John’s gain is least likely to be assessable because the law provides a full main residence exemption where the dwelling was exclusively the taxpayer’s principal place of residence for the ownership period.

4. Why other options are incorrect
- a (Bitcoin): gain of $5,000 is normally assessable as CGT.
- c (stocks): gain of $5,000 is normally assessable as CGT.
- d (rental property): $100,000 gain is assessable because it was an investment property.

Conclusion: Option b is the correct choice and matches the provided answer.

The gains in value from which of the following are LEAST likely to be assessable income in Australia based on the lecture material:单项选择题

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