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In relation to the operation of CGT, which of the following statements is least correct? A net capital gain is included in assessable income B A capital gain arises when the market value of an asset is greater than the cost of the asset Assets purchased after 19 September 1985 generally require a consideration of CGT on their disposal D Net capital losses in any year are quarantined and carried forward to future years
In relation to the operation of CGT, which of the following statements is least correct? A net capital gain is included in assessable income B A capital gain arises when the market value of an asset is greater than the cost of the asset Assets purchased after 19 September 1985 generally require a consideration of CGT on their disposal D Net capital losses in any year are quarantined and carried forward to future years.
Expert Solution
Correct Answer : C) Assets purchased after 19 September 1985 generally require a consideration of CGT on their disposal.
Reason : Other option i.e, A) Net capital gain is included in the assessable income , B) A Capital Gain arises when Market Value > Cost of the Asset, D) Net capital losses in a year are quarantined and carried forward to future years. all these options are true. Therefore, Option C) Assets purchased after 19 September 1985 generally require a consideration of CGT on their disposal is least correct answer.
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