Income Tax (Transitional Provisions) Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-1
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CAPITAL GAINS AND LOSSES: GENERAL TOPICS
This section applies to a collectable you own that:
(a) is an interest in:
(b) you last acquired before 16 December 1995. 118-10(2)
A capital gain or capital loss you make from the interest is disregarded if the first element of its cost base is $500 or less.
Division 118
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Exemptions
Subdivision 118-A
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General exemptions
SECTION 118-10
Interests in collectables
118-10(1)
This section applies to a collectable you own that:
(a) is an interest in:
(i) artwork, jewellery, an antique or a coin or medallion; or
(ii) a rare folio, manuscript or book; or
(iii) a postage stamp or first day cover; and
(b) you last acquired before 16 December 1995. 118-10(2)
A capital gain or capital loss you make from the interest is disregarded if the first element of its cost base is $500 or less.
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