Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 100 - A Guide to capital gains and losses  

Step 1 - Have you made a capital gain or a capital loss ?  

SECTION 100-25   What are CGT assets ?  

100-25(1)    

Most CGT events involve a CGT asset. (For many, there is an exception if the CGT event happens before 1 July 2027 and the CGT asset was acquired before 20 September 1985.) However, many CGT events are concerned directly with capital receipts and do not involve a CGT asset.

See the summary of the CGT events in section 104-5 .

100-25(2)    
Some CGT assets are reasonably well-known:

• land and buildings, for example, a weekender;

• shares;

• units in a unit trust;

• collectables which cost over $ 500, for example, jewellery or an artwork;

• personal use assets which cost over $ 10,000, for example, a boat.

100-25(3)    
Other CGT assets are not so well-known. For example:

• your home;

• contractual rights;

• goodwill;

• foreign currency.

For a full explanation of what things are CGT assets: see Division 108 .