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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.

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

    Other assets

    Assets that are not collectables or personal use assets include:

    • land
    • shares in a company
    • rights and options
    • leases
    • units in a unit trust
    • goodwill
    • licences
    • convertible notes
    • your home (see Exemptions)
    • contractual rights
    • foreign currency, and
    • any major capital improvement made to certain land or pre-CGT assets.
    Last modified: 04 Mar 2016QC 27527