Scutty Marrison lives in Frankston, Melbourne. In January 2022, he receives a job offer to work in Indonesia for the next 3 years and decides to accept it. Prior to moving, Scutty decides to dispose of the following assets: 1. His investment property for $600,000. Scutty's constructed his investment property on 1 September 2000 at cost of $60,000 on a block of land which he purchased on 1 February 1984. The land value at the time of constructing the investment property was $120,000. 2. A piano. The piano was purchased on 1 September 2010 for $12,000 and sold on 31 December 2021 for $5,000. 3. His bank shares. His shares were bought on 1 December 2018 for $32,000 and sold on 1 May 2022 for $16,000. 4. His private townhouse. He bought his home in February 2018 for $600,000 and has been living in it since then. He sold it on 1 June 2022 for $900,000. Scutty also had capital losses from a previous year for the sale of an antique piece of artwork for $2,000. Required: Calculate Scutty Marrison's net capital gain for the year ending 30 June 2022. You must support your answer with relevant legislation and show full calculations. You must not provide your answer in a table format - full sentences are expected to explain your analysis.
Scutty Marrison lives in Frankston, Melbourne. In January 2022, he receives a job offer to work in Indonesia for the next 3 years and decides to accept it.
Prior to moving, Scutty decides to dispose of the following assets:
1. His investment property for $600,000. Scutty's constructed his investment property on 1 September 2000 at cost of $60,000 on a block of land which he purchased on 1 February 1984. The land value at the time of constructing the investment property was $120,000.
2. A piano. The piano was purchased on 1 September 2010 for $12,000 and sold on 31 December 2021 for $5,000.
3. His bank shares. His shares were bought on 1 December 2018 for $32,000 and sold on 1 May 2022 for $16,000.
4. His private townhouse. He bought his home in February 2018 for $600,000 and has been living in it since then. He sold it on 1 June 2022 for $900,000.
Scutty also had capital losses from a previous year for the sale of an antique piece of artwork for $2,000.
Required: Calculate Scutty Marrison's net
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