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INCOME TAX ASSESSMENT ACT 1997 - SECT 108.20 Losses from personal use assets must be disregarded

INCOME TAX ASSESSMENT ACT 1997 - SECT 108.20

Losses from personal use assets must be disregarded

  (1)   In working out your * net capital gain or * net capital loss for the income year, any * capital loss you make from a * personal use asset is disregarded.

  (2)   A personal use asset is:

  (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.

Note 1:   There is an exemption for a personal use asset you acquire for $10,000 or less: see section   118 - 10.

Note 2:   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.

  (3)   A personal use asset does not include land, a * stratum unit or a building or structure that is taken to be a separate * CGT asset because of Subdivision   108 - D.

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