is tax return. During the 2018-19 financial year, Max disposed flax is your client and has
is tax return. During the 2018-19 financial year, Max disposed flax is your client and has come to you to prepare h Df the following assets: (a) A two-storey residence at Stuart Park in which he acquired in May 1991. In 1995 Max vacated the premises to work in Japan for three years, during this period the property was rented. Other than the 3 year period, Vax has lived in the property as his residence. He paid $370,000 to purchase the property and received $840,000 on 27 June 2019, after the real estate agent deducted commissions of $10,000. (b) Max sold vacant residential land originally purchased on 16 June 1984 for $300,000. He initially intended to build a house on the land and rent the property. The land was sold for $500,000. The contract of sale was entered into on 28 January 2019 and settlement is to take place on 30 August 2019.
(c) A painting was purchased by Max for $5,500 on 1 June 2009 and sold for $30,000 on 30 March 2019.
(d) Max purchased a luxury motor cruiser that he has moored at the Manly Yacht club in late 2004 for $90,000. He sold it on 2 April 2019 to a local boat broker for $25,000.
(e) Max bought BHP shares on 15 July 2018 for $25,000. He sold those shares on 2 May 2019 for $40,000. Max has capital losses he is carrying forward from previous years of $25,000.
Max also received a salary of $90,001 from his position as the manager of an accounting practice. In additio n, Max's employer awarded him a bonus of $2,500 for exceeding his employment targets.
Calculate Max's tax payable for the year endin e justificati legislation and case l aw. g 30 June 2019, Provide for your calculations using