Olivia owned an apartment in Sydney which she purchased on 1 August 2010 for $420,000. She moved into the apartment as soon as possible after settlement and lived there until she was transferred to Perth for work on 10 July 2014. At the time she moved away the market value of the house was $490,000. Whilst she was away Olivia rented the Sydney apartment out through a real estate to various tenants. On 20 September 2021 she returned to Sydney and moved back into the apartment straight away. Whilst in Perth, Olivia had been living in a house that was owned by her brother. In April 2022, Olivia listed the Sydney apartment for sale with a local real estate agent at a selling price of $700,000. In May 2022 she received an offer of $680,000 which she accepted and a contract for sale was signed on 3 June 2022. Settlement took place on 4 July 2022. Required: With reference to relevant legal authority advise Olivia of any taxation consequences to selling her apartment in Sydney. Whilst you are not required to calculate any resulting capital gain or loss, you can use the data from the question to illustrate the tax treatment. (15 marks)