A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

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 .


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page