Abbies Car and Jewellery

In March 2021, Abbies antique car, which she had bought 2 years ago for $50,000, was burnt out by an arsonist. The fire also destroyed her jewellery, which had been located in the glove box of the car. The jewellery had cost her $11,000 3 years ago. Insurance gave Abbie $60,000 for the car, but unfortunately they gave her nothing for the jewellery, as the insurance company said she should not have stored it in the car.

Discuss the CGT consequences regarding Abbies antique car and her jewellery (3 marks).

Support your answers with Australian case and legislative authority