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Discuss the CGT implications of the following. Where the year is not mentioned, assume the current tax year.
(a) Richard was the star batsman in the Australian cricket team. On 1 March, an official from another country paid him $40 000 in exchange for him agreeing not to play for Australia for the next 3 years.
(b) Arthur Pty Ltd entered into a contract to purchase a convenience store (called ‘7-Plus’) on 29 October 1999 for $650 000. Solicitor fees were $10 000.
On 1 September a customer, tired of excessive prices charged by such stores, burnt down the shop. It was worthless afterwards. Arthur received $700 000 from insurance on 1 January.
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