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Edited version of private advice
Authorisation Number: 1052378813346
Date of advice: 1 April 2025
Ruling
Subject: CGT - personal use asset
Question
Will the disposal of personalised number plates be disregarded under subsection 108-20(3) of the Income Tax Assessment Act 1997 (ITAA 1997) as a personal use asset acquired for under $10,000?
Answer
Yes.
The number plate satisfies the definition of a personal use asset. The number plate was used or kept due to its significance to you and your family. You did not use or keep the number plate for any business purpose. You acquired your interest in the number plate for an amount less than the personal use asset threshold.
This ruling applies for the following period:
Year ending 30 June 20XX
The scheme commenced on:
XX XX 20XX
Relevant facts and circumstances
Your step-parent-in-law purchased a motor vehicle with the heritage number plates from a motor vehicle dealer.
The number plates were transferred by them to numerous vehicles they owned over a period.
On the death of your step-parent-in-law around XX years ago, your partner acquired the vehicle, complete with number plates from their parent and your partner drove the motor vehicle which had the heritage number plates attached for around XX years.
On the sale of this vehicle a replacement vehicle was purchased in your name and the heritage number plates were attached to your motor vehicle.
The ownership of the number plates was transferred to you around 20XX.
The plates were always used as intended on regular motor vehicles which were registered and driven on a day-to-day basis.
You have supplied a XXX roads registration renewal with a due date on XX XX 20XX along with the registration no. XXXX as evidence of your use of the heritage number plate.
You do not carry on a business of buying and selling personalised number plates.
In XX 20XX, the heritage number plates were removed from your motor vehicle just prior to their sale.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 108-20
Income Tax Assessment Act 1997 section 118-10