According australian taxation law, determine whether the sceneria is assessable income. Scenaria: Kim sold a rare sculpture
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Question:
Scenaria: Kim sold a rare sculpture for $2,000 during the 30 June 2022 financial year. Kim had purchased the sculpture for $200 two years earlier.
Note: Any capital gain is disregarded if the first element of the collectable's cost base on aquisition was less than $500.
If this is assessable income, how much? And when i calculate tax, do i need to ignore the sculpture sale?
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