ABC Ltd is registered for GST and carries on a business of property development. During the income year it sold property for $$500,000$ which it had purchased $14$ years earlier for $$130,000.$ It had incurred $$90,000($GST inclusive$)$ expenditure on improvements and other services to the property. Professional market valuation of the property as at $1$ July this year was $$300,000.$ Using the consideration method, calculate the margin on the sale from the above transaction:

Calculate the gross profit from the above transaction.