Problem
Big Profits Pty Ltd recently sold an investment property for $700,000. It had purchased the property for $500,000 five years ago. Big Profits incurred $20,000 in legal and real estate agent fees when selling the property. It also spent $50,000 in renovations prior to selling the property to increase its value. The sale of the property was a one-off transaction and not considered income from business.
What is Big Profits' net capital gain or loss in relation to the above information?