INCOME TAX ASSESSMENT ACT 1997 - SECT 820.32 Exemption for private or domestic assets and non - debt liabilities

INCOME TAX ASSESSMENT ACT 1997 - SECT 820.32

    This Division does not apply to:

  (a)   an asset that is used (or held for use) wholly or principally for private or domestic purposes; or

  (b)   a * non - debt liability that is wholly or principally of a private or domestic nature.