I currently live in Queensland and just had a question based around the selling of items and then paying tax on that sale.
So I have a few collectables (trading cards and such) that are becoming increasingly more valuable (some are in the $1,000s each price range and some are getting near the $10,000 each range). I am considering selling them off in the not too distant future, but was just wondering how this would work in relation to paying tax on the sales? Is this classed as income? Do I have to pay a high percentage of tax on each sale? Is there a smart way to go about this? etc.
Any advice or knowledge would be greatly appreciated.