An antique sold on 1 May 2018 for $15,000. Elwood bought the antique on 31 December 1989 at a cost of $5,000 for personal reasons.

An antique sold on 1 May 2018 for $15,000. Elwood bought the antique on 31 December 1989 at a cost of $5,000 for personal reasons.  

Advise as to the tax implications of disposals and calculate any amounts required to be declared in tax return.