Draft Taxation Determination
Income tax: capital gains: is a capital gain or capital loss made from an antique car or a vintage car disregarded?
Please note that the PDF version is the authorised version of this ruling.This document has been finalised by TD 2000/35.
FOI status:Not previously released in draft form
|Draft Taxation Determinations (DTDs) present the preliminary, though considered, views of the Australian Taxation Office. DTDs should not be relied on; only final Taxation Determinations represent authoritative statements by the Australian Taxation Office.|
2. Section 118-5 of the Income Tax Assessment Act 1997 states that you disregard a capital gain or capital loss you make on a car, motor cycle or similar vehicle. A car is defined to be 'a motor vehicle designed to carry a load of less than 1 tonne and fewer than 9 passengers' (subsection 995-1(1)).
3. A car is a CGT asset under Division 108. A car may be a collectable in terms of subsection 108-10(2) if it is an antique. A car may be a personal use asset in terms of subsection 108-20(2) if it is used or kept mainly for your (or your associate's) personal use or enjoyment. In either case, it remains a car for the purposes of section 118-5 and any capital gain or capital loss made on it is disregarded under that section.
4. We invite you to comment on this Draft Taxation Determination. We are allowing 4 weeks for comments before we finalise the Determination. If you want your comments considered, please provide them to us within this period.
|Comments by Date:||10 September 1999|
|Contact officer details have been removed following publication of the final ruling.|
Commissioner of Taxation
11 August 1999