Required: Describe and calculate, citing sections, the CGT consequences of Camilla selling her house. You are not required to discuss the application of the 50% CGT discount, or of any potential impact of Division 43 ITAA 1997 (4 marks).

Camilla buys her first property (a house) on 1 January 2018 for $500,000 and she moves into it immediately. She paid stamp duty of $20,000. On 1 January 2019, when her house was worth $600,000, she purchased an apartment and immediately moved into it, and from that point treated her apartment as her main residence for tax purposes. From that time (1 January 2019) she also rented out her original house. She sold the original house to her sister on 1 January 2021 for $800,000, even though it had a market value of $900,000 at that point.