Private ruling: CGT - personal use assets
Date of advice: 25 May 2026
Published: 13 July 2026
Ruling period: For the income year ending 30 June 2026 | For the income year ending 30 June 2027
Date scheme commenced: 1 July 2025

Ruling: Q1: Are any of the listed assets considered collectables as defined in section 108-10 of the Income Tax Assessment Act 1997 (ITAA 1997)? | A1: No. | Q2: Are some of the listed assets considered personal use assets as defined in section 108-20 of the ITAA 1997? | A2: Yes. | Q3: Are any capital gains or capital losses you make from a car, motorcycle or similar vehicle disregarded pursuant to section 118-5 of the ITAA 1997? | A3: Yes. | Q4: Are capital gains made on personal use assets disregarded if the first element of the asset's cost base, or the first element of its cost if it is a depreciating asset, is $10,000 or less pursuant to subsection 118-10(3) of the ITAA 1997? | A4: Yes.

Relevant facts and circumstances: X (the deceased) died on DDMMYYYY. The deceased acquired various personal use assets and cars which were used for personal enjoyment. The assets were not used as part of a business or for a profit-making scheme in order to produce assessable income. The Executor of the estate now proposes to dispose of the assets during the YYYY and YYYY income years.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 108-10 | Income Tax Assessment Act 1997 subsection 108-10(2) | Income Tax Assessment Act 1997 section 108-20 | Income Tax Assessment Act 1997 section 118-5 | Income Tax Assessment Act 1997 subsection 118-10(3)

Reasons for decision: Summary: In your case the list of assets you provided are cars, or personal use assets which are not considered collectibles under the legislation. Capital losses from personal use assets must be disregarded and a capital gain you make from a personal use asset, or part of the asset, is disregarded if the first element of the asset's cost base, or the first element of its cost if it is a depreciating asset, is $10,000 or less.