INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 108 - CGT assets  

Subdivision 108-C - Personal use assets  

SECTION 108-20   Losses from personal use assets must be disregarded  

108-20(1)  
In working out your *net capital gain or *net capital loss for the income year, any *capital loss you make from a *personal use asset is disregarded.

108-20(2)  
A personal use asset is:


(a) a *CGT asset (except a *collectable) that is used or kept mainly for your (or your *associate's) personal use or enjoyment; or


(b) an option or right to *acquire a *CGT asset of that kind; or


(c) a debt arising from a *CGT event in which the *CGT asset the subject of the event was one covered by paragraph (a); or


(d) a debt arising other than:


(i) in the course of gaining or producing your assessable income; or

(ii) from your carrying on a *business.

108-20(3)  
A personal use asset does not include land, a *stratum unit or a building or structure that is taken to be a separate *CGT asset because of Subdivision 108-D.


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