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Personal use assets

Last updated 5 October 2009

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.