Many years ago in the year nineteen hundred and eighty-four on the first of December, Mellisa L began the operation of a retailing business as a sole proprietor.
On this day she acquired capital assets totalling $100,000. On the first of July 2017, Mellisa transferred the entire operation to a new trading entity incorporated as Mel Lew Pty Ltd.
From the transfer, Mellisa L acquired a number of shares. In total 200,000 shares were acquired. Each share had a value of $1 per share as at the transfer date.
Assume your group were the Tax Accountants advising Mellisa L and responsible for preparing her tax return:
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