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INCOME TAX ASSESSMENT ACT 1997 - SECT 118.5 Cars, motor cycles and valour decorations

INCOME TAX ASSESSMENT ACT 1997 - SECT 118.5

Cars, motor cycles and valour decorations

    A * capital gain or * capital loss you make from any of these * CGT assets is disregarded:

  (a)   a * car, motor cycle or similar vehicle;

  (b)   a decoration awarded for valour or brave conduct (unless you paid money or gave any other property for it).

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