Problem: Maxwell acquired an apartment in Sydney on 15 March 2017 for $900,000. He had paid $45,000 in stamp duty, $3,000 for a valuation report and $2,100 fees to a lawyer on acquisition of the property. Maxwell planned to make the apartment available for rent immediately but was advised that the apartment could not be rented out until the apartment's internal walls were to be painted (at a cost of $20,000) and the balcony railing was replaced (at a cost of $35,000). After the work was carried out, Maxwell rented the apartment to a tenant in November 2017 for $1,100 a week. Interest on a loan to purchase the apartment was $2,500 per month for the first ten years of the loan. On 1 April 2022, Maxwell entered into a contact to sell the apartment for $1,300,000. He also paid $6,500 agent fees on the sale of the property.
Explain and calculate the capital gains tax consequences for Maxwell from acquiring and disposal of his assets.