Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p3
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 3/17)
Character Range: 240122–243021

121EL (about offshore banking units);

                  * section 159GZZZN (about buy‑back and cancellation of shares);

                  * section 315 (about superannuation and related businesses);

                  * section 408 (about calculating the attributable income of a CFC).

Subdivision 118‑A—General exemptions

Table of sections

Exempt assets

118‑5 Cars, motor cycles and valour decorations
118‑10 Collectables and personal use assets
118‑12 Assets used to produce exempt income
118‑13 Shares in a PDF

Exempt receipts

118‑15 Exempt capital receipts

Anti‑overlap provisions

118‑20 Reducing capital gains if amount otherwise assessable
118‑22 Eligible termination payments
118‑25 Trading stock
118‑30 Film copyright
118‑35 Research and development

Exempt or loss‑denying transactions

118‑40 Expiry of a lease
118‑42 Transfer of stratum units
118‑45 Sale of rights to mine
118‑55 Foreign currency hedging gains and losses
118‑60 Gifts under Cultural Bequests Program

[This is the end of the Guide.]

Exempt assets

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).

118‑10  Collectables and personal use assets

 (1) A *capital gain or *capital loss you make from a *collectable is disregarded if you *acquired it for $500 or less.

 (2) However, there is a special rule if the *collectable is an interest in one of these *CGT assets:

 (a) *artwork, jewellery, an antique, or a coin or medallion;

 (b) a rare folio, manuscript or book;

 (c) a postage stamp or first day cover.

  A *capital gain or *capital loss you make from the interest is disregarded only if the market value of the asset (when you *acquired the interest) is $500 or less.

Note: If you last acquired the interest before 16 December 1995, a capital gain or loss is disregarded if you acquired the interest for $500 or less: see section 118‑10 of the Income Tax (Transitional Provisions) Act 1997.

 (3) A *capital gain you make from a *personal use asset, or part of the asset, is disregarded if you *acquired the asset for $10,000 or less.

Note: A capital loss you make from a personal use asset is disregarded: see subsection 108‑20(1).

118‑12  Assets used to produce exempt income

 (1) A *capital gain or *capital loss you make from a *CGT asset that you used solely to produce your *exempt income is disregarded.

 (2) However, the exemption does not apply if the asset was used to gain or produce *excluded exempt income or *exempt income subject to withholding tax.

Note: This section is disregarded:

                  * in calculating the attributable income of a trust: see section 102AAZB of the Income Tax