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Edited version of private advice
Authorisation Number: 1051531010724
Date of advice: 3 July 2019
Ruling
Subject: Capital gains tax
Question
Will the capital gain you make when you dispose of your capital gains tax assets be disregarded?
Answer
Yes. As they are personal use assets in accordance with subsection 108-20(2)of the Income Tax Assessment Act 1997, and you acquired them for less than $10,000 each, any capital gain or loss you make upon disposal will be disregarded. Further information about personal use assets can be found by searching 'QC 22163' on ato.gov.au
This ruling applies for the following period:
Year ending 30 June 2020
The scheme commences on:
1 July 2019
Relevant facts and circumstances
Your late relative gifted to you a number of capital gains tax assets.
They did this over a number of years beginning when you were a small child before 20 September 1985, for birthdays and other significant events like anniversaries.
Some of the gifts were given to you after 20 September 1985.
You held the assets for your personal use and enjoyment.
You are not an investor.
You intended to keep them indefinitely however for financial reasons you need to sell the items and will be doing so within the period of this ruling.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 108-20(2)
Income Tax Assessment Act 1997 subsection 118-10(3)