Problem: According ITAA 1997, determine whether the scenario is assessable income.
Scenario: 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 acquisition was less than $500.
If this is assessable income, how much? If this is non assessable income, it belongs to exempt income or non-assessable non exempt income.