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End of attention

Collectables include the following items that are used or kept mainly for the personal use or enjoyment of you or your associate(s):

  • paintings, sculptures, drawings, engravings or photographs; reproductions of these items or property of a similar description or use
  • jewellery
  • antiques
  • coins or medallions
  • rare folios, manuscripts or books
  • postage stamps or first day covers.

A collectable is also:

  • an interest in any of those items
  • a debt that arises from any of those items or
  • an option or right to acquire any of those items.

Any capital gain or capital loss you make from a collectable acquired for $500 or less is disregarded. A capital gain or capital loss you make from an interest in a collectable is disregarded if the market value of the collectable when you acquired the interest was $500 or less. However, if you acquired the interest for $500 or less before 16 December 1995, a capital gain or capital loss is disregarded.

If you dispose of collectables individually that you would usually dispose of as a set, you are exempt from paying CGT only if you acquired the set for $500 or less. This does not apply to collectables you acquired before 16 December 1995.

Capital losses from collectables can only be used to reduce capital gains (including future capital gains) from collectables.

Last modified: 06 Oct 2009QC 27417