Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets: 1. Antique Painting that was given to Taryn by her father 5 years ago....

Capital Gains Tax was introduced in Australia in 1985 and applies to any asset you’ve acquired since that time unless specifically exempted.
According to the Australian Tax Office, a capital gain or capital loss on an asset is the difference between what it cost you and what you receive when you dispose of it.
You pay tax on your capital gains, which forms part of your income tax and is not considered a separate tax – though it’s referred to as CGT.
If an asset is held for at least one year, then any gain is first discounted by 50 per cent for individual taxpayers or by 33.3 per cent for superannuation funds.
A capital gain or capital loss on an asset is the difference between what it cost you & what you receive when you dispose of it.
All asset you've acquired since capital gain tax (CGT) started (on 20th September, 1985) are subject to Capital Gain Tax (CGT) unless specifically excluded.
For example, Capital Gain Tax (CGT) applies to:-
1. Real estate
2. Shares, Units & similar investments
3. Crypto currency
4. Leases, Goodwill, Licence, Foreign Currency, Contractual Rights & major Capital Improvements made to land or pre- CGT assets.
5. Collectables & Personal use assets above a certain value (there are restrictions on using any capital losses from these items)
Some assets are exempt from Capital Gain Tax (CGT) such as-
1. Your main residence (there are some exceptions)
2. A car or motorcycle
3. Depreciating assets used solely for taxable purposes, such as business equipment or fittings in a rental property.
4. Any assets acquired before 20th September, 1985.
Exemptions include capital gain or capital losses for:-
Your car ( we define a car as a motor vehicle designed to carry a load of less than one tonne and fewer than nine passengers), motorcycle or similar vehicle.
Personal use items acquired for less than $10,000.
Collectables acquired for $500 or less, or with $500 or less when acquired.
Depreciating assets used solely for taxable purposes, and trading stock
Assets you acquired before 20 September 1985 (these are called 'pre-CGT assets')
except for some pre-CGT shares in private companies, or pre-CGT interests in private trusts, where a combination of factors can occasionally trigger a CGT event giving rise to a taxable capital gain – see Taxation Ruling TR 2004/18 Income tax: capital gains: application of CGT event K6 (about pre-CGT shares and pre-CGT trust interests) in section 104-230 of the Income Tax Assessment Act 1997
A decoration awarded for valour or brave conduct, unless you paid or exchanged property for it
Assets used solely to produce exempt income or some types of non-assessable non-exempt...