Question: Three years ago, Clare took advantage of a great Mid-Year sale and purchased a new SUV motor vehicle. She uses this car 15% of the time for work-purposes. The car initially cost Clare $48,000. On 15 March CY, Clare decided to modify the car by: Adding a wheel lift kit totalling $5,000 Repainting the bonnet and rims totalling $1,750 Re-upholstering the seats with black leather totalling $5,600 On 1 June CY, Clare then sold the car for $45,000 as the second-hand car market was going 'gang-busters'. Based on the above facts and relevant tax laws, how should the sale of this car be treated for tax purposes? (select the best answer) Clare has sold a capital asset, triggering CGT Event F1. Clare would need to calculate the capital loss or capital gain made on sale and disclose the relevant amounts in her tax return. She would NOT be eligible for the 50% general discount Clare has sold a capital asset, triggering CGT Event A1. Clare would need to calculate the capital loss or capital gain made on sale and disclose the relevant amounts in her tax return. She would NOT be eligible for the 50% general discount Clare has sold