Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p8
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 8/12)
Character Range: 1946299–1948803

You apportion the $900 among each book: see section 112‑30. If the books are of equal value, you have acquired each one for $300.
 If you dispose of each book individually, you would ordinarily obtain the exemption in section 118‑10, because you acquired each one for less than $500.
 (2) The set of *collectables is taken to be a single *collectable and each of your *disposals is a disposal of part of that collectable.
Example: To continue the example, the 3 books are taken to be a single collectable. You will not obtain the exemption in section 118‑10, because you acquired the set for more than $500.
 You work out if you make a capital gain or loss from a disposal of part of an asset by comparing the capital proceeds from it with the cost base or reduced cost base (as appropriate) of the disposed part.
Note 1: Section 112‑30 tells you how to apportion the cost base and reduced cost base of a CGT asset on a disposal of part of an asset.
Note 2: This section does not apply to a collectable you last acquired before 16 December 1995: see section 108‑15 of the Income Tax (Transitional Provisions) Act 1997.

108‑17  Cost base of a collectable
  In working out the *cost base of a *collectable, disregard the third element (about costs of ownership).

Subdivision 108‑C—Personal use assets

Table of sections
108‑20 Losses from personal use assets must be disregarded
108‑25 Sets of personal use assets
108‑30 Cost base of a personal use asset

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