INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 118 - Exemptions  

Subdivision 118-A - General exemptions  

Exempt assets

SECTION 118-5   118-5   Cars, motor cycles and valour decorations  
A *capital gain or *capital loss you make from any of these *CGT assets is disregarded:


(a) a *car, motor cycle or similar vehicle;


(b) a decoration awarded for valour or brave conduct (unless you paid money or gave any other property for it).


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