Jonathan lived at 1 Outback Lane, Tax-Haven, Victoria, since he built his house there 10years ago. Jonathan was left the block of land (no house or other buildings) at 1 Outback Lanewhen his grandmother died on 1 May of 1983. On her date of death the land was was valued at$200,000. Jonathan house cost him $300,000 to build. Jonathan paid $12,000 in interest onmoney he borrowed to finance the build. In 2012, Jonathan had to pay $4,000 in legal feeswhen the government unsuccessfully tried to compulsorily acquire part of his property onwhich his house was built.On 23 July 2015, there was a small fire at 1 Outback Lane that destroyed Jonathan's gardenshed. The shed cost Jonathan $8,000 to build when he built his house. The insurance companypaid him $4,500 compensation on 7 August 2015.On 1 November 2015, Jonathan decided that the risk of further bushfires in Tax-Haven wastoo great. So he sold the house and land at 1 Outback Lane for $1.1 million to Jeremy. As partof the sale, Jeremy agreed to take on the remaining $10,000 of Jonathan's mortgage on thehouse. The land was valued at $600,000. Jonathan paid $3,500 in advertising costs. Stampduty was an additional cost of $43,000. There were no other legal costs.On selling 1 Outback Lane, Jonathan rented a small one bedroom unit in Melbourne with littleroom for fittings and fixtures, and as a consequence he had to dispose of his painting byfamous artist John Glover. He acquired the painting in 1999 for $800,000. In his rush to sell ithe could only get $750,000 for it. He also decided that it was time to sell his Porsche Boxsterwhich he had driven around the countryside on weekends. He had purchased the car in 2002for $90,000. He sold it on 14 December 2015 for $58,000. Jonathan had paid a total of$14,000 to insure his car over the years.Jonathan had 1,000 ordinary shares, and 200 redeemable preference shares in Banana Ltd. Heacquired them in 2005 for $1.20 per ordinary share and $2.00 per redeemable preferenceshare. On 19 February 2016, Banana Ltd redeemed the 200 preference shares for $500. On 2March 2016, Jonathan decided to transfer his 1,000 ordinary shares in Banana Ltd for nilconsideration to his daughter. On 2 March 2016 the ordinary shares in Banana Ltd werevalued at $5.50 each. Legal fees for the transfer to his daughter cost him $190.With reference to legal authority, advise Jonathan on the capital gains tax consequencesof the above transactions for the year ended 30 June 2016. Jonathan does NOT requireany advice on Goods and Services Tax