INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) an asset (other than land, or a building that is deemed to be a separate asset from land by virtue of section 160P ) owned by the taxpayer and used or kept primarily for the personal use or enjoyment of the taxpayer, of an associate or associates of the taxpayer or of the taxpayer and any one or more of the associates of the taxpayer;
(b) a debt owed to the taxpayer:
(i) in respect of an asset that was formerly a personal-use asset of the taxpayer; or
(ii) that came to be owed otherwise than in the course of the gaining or producing of income by the taxpayer or the carrying on of a business by the taxpayer; and
(c) an option or right of the taxpayer to acquire an asset that would, if acquired by the taxpayer, be an asset to which paragraph (a) would apply. 160B(1A) [Operation of subsec (2) and (2A)]
Subsections (2) and (2A) define listed personal-use asset for the purposes of this Part.
For the purposes of this Part, ``listed personal-use asset'' , in relation to a taxpayer, means a personal-use asset of the taxpayer the consideration in respect of the acquisition of which by the taxpayer exceeded $500 and which is:
(a) any of the following:
(i) a print, etching, drawing, painting, sculpture or other similar work of art;
(iii) a rare folio, rare manuscript or rare book;
(iv) a postage stamp or first day cover;
(v) a coin or medallion;
(vi) an antique;
(vii) an interest in an asset referred to in any of the preceding subparagraphs;
(b) a debt owed in respect of an asset referred to in paragraph (a); or
(c) an option or right to acquire an asset referred to in paragraph (a).
An interest in an asset is also a listed personal-use asset if the interest is covered by subparagraph (2)(a)(vii) and the market value of the asset at the time when the interest is acquired is more than $500.
For the purposes of this Part, ``non-listed personal-use asset'' means a personal-use asset other than a listed personal-use asset.160B(4) [Set of articles]
(a) a taxpayer owned two or more articles being personal-use assets of a kind that would not ordinarily be disposed of otherwise than by one transaction as a set of articles; and
(b) the taxpayer has disposed of the articles by two or more transactions, whether the articles were disposed of to the same person or to different persons,
this Part applies, and shall be deemed to have applied, as if the articles constituted a single personal-use asset and as if each disposal were a disposal of part of that asset.
Subsection (4) does not apply if the disposal of the articles by several transactions instead of a single transaction was effected solely for a reason or reasons unrelated to the operation of this Part.160B(6) [Amendment of assessments]
Nothing in section 170 prevents the amendment of an assessment for the purpose of giving effect to subsection (4).
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