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  • Personal use assets


    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    A personal use asset is:

    • a CGT asset, other than a collectable, that is used or kept mainly for the personal use or enjoyment of you or your associate(s)
    • an option or a right to acquire a personal use asset
    • a debt resulting from a CGT event involving a CGT asset kept mainly for your personal use and enjoyment or
    • a debt resulting from your doing something other than gaining or producing your assessable income or carrying on a business.

    Personal use assets include such items as boats, furniture, electrical goods and household items. Land and buildings are not personal use assets. Any capital loss you make from a personal use asset is disregarded.

    If a CGT event happened to a personal use asset during or after the 1998-99 income year, any capital gain you make from the asset or part of the asset is disregarded if you acquired the asset for $10,000 or less.

    If you dispose of personal use assets individually that would usually be sold as a set, you obtain the exemption only if you acquired the set for $10,000 or less.

    Last modified: 06 Oct 2009QC 27417