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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, and
  • postage stamps or first day covers.

A collectable is also:

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

Capital losses from collectables can only be used to reduce capital gains (including future capital gains) from collectables. However, any capital gain or capital loss you make from a collectable is disregarded if any of the following apply:

  • you acquired the collectable for $500 or less
  • you acquired an interest in the collectable for $500 or less before 16 December 1995, or
  • you acquired an interest in the collectable when it had a market value of $500 or less.

If you dispose of a number 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.

Last modified: 04 Mar 2016QC 27527