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 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 .


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