Pt 3-1 inserted by No 46 of 1998.
Div 108 inserted by No 46 of 1998.
SECTION 108-20 Losses from personal use assets must be disregarded
(a) a *CGT asset (except a *collectable) that is used or kept mainly for your (or your *associate's) personal use or enjoyment; or
(b) an option or right to *acquire a *CGT asset of that kind; or
(c) a debt arising from a *CGT event in which the *CGT asset the subject of the event was one covered by paragraph (a); or
(d) a debt arising other than:
(i) in the course of gaining or producing your assessable income; or
(ii) from your carrying on a *business.
There is an exemption for a personal use asset you acquire for $10,000 or less: see section 118-10.
A debt arising from a CGT event involving a CGT asset kept mainly for your personal use and enjoyment is a personal use asset to prevent any loss arising from the debt being a normal capital loss.
S 108-20 inserted by No 46 of 1998.