Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_14:p39
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 14 (pt 39/40)
Character Range: 129045–131656

of ownership).

Subdivision 108‑C—Personal use assets

Table of sections

108‑20 Losses from personal use assets must be disregarded
108‑15 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 does not include land, a *stratum unit or a building or structure that is taken to be a separate *CGT asset because of Subdivision 108‑D.

108‑25  Sets of personal use assets

 (1) This section sets out what happens if:

 (a) you own *personal use assets that are a set; and

 (b) they would ordinarily be *disposed of as a set; and

 (c) you dispose of them in one or more transactions for the purpose of trying to obtain the exemption in section 118‑10.

 (2) The set of *personal use assets is taken to be a single *personal use asset and each of your *disposals is a disposal of part of that asset.

108‑30  Cost base of a personal use asset

  In working out the *cost base of a *personal use asset, disregard the third element (about the non‑capital costs of ownership).

Subdivision 108‑D—Separate CGT assets

Guide to Subdivision 108‑D

108‑50  What this Subdivision is about

      For CGT purposes, there are:

          • exceptions to the common law principle that what is attached to the land is part of the land; and

          • special rules about buildings and adjacent land; and

          • rules about when a capital improvement to a CGT asset is treated as a separate CGT asset.

Table of sections

Operative provisions

108‑55 When is a building a separate asset from land?
108‑60 Plant