Calculate indexed cost base for capital gains tax purposes, Taxation

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Calculate indexed cost base for capital gains tax purposes

Problem

On 1 November 1992 Mary had a nice home in Sydney and also acquired a second-hand yacht for $90146.
Mary borrowed $82,000 of the money from XYZ Bank to buy the yacht..

The loan was a fixed interest loan on which Mary paid interest of $45,000.
Mary sold the yacht in September 2020 for $161,000.

Task

Calculate the indexed cost base for Capital Gains Tax purposes.

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Taxation: Calculate indexed cost base for capital gains tax purposes

Reference No:- TGS03345985

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Taxation: Calculate indexed cost base for capital gains tax purposes

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