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 decorationsA * 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).