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Certain capital gains and capital losses (that is, those from collectables and personal use assets) are treated differently when calculating your net capital gain or net capital loss. See Does capital gains tax apply to you? in part A for explanations of these assets. In particular, you should note that you disregard capital losses from personal use assets and do not take them into account when working out your net capital gain. You can only use capital losses from collectables to reduce capital gains from collectables.
You need to separate the records of your CGT events into the following three categories:
Last modified: 08 Jul 2013QC 25657
- those relating to collectables (for example, jewellery)
- those relating to personal use assets (for example, a boat you use for recreation)
- other CGT assets or CGT events, including distributions of capital gains from managed funds.