Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p6
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 6/12)
Character Range: 1941621–1944235

or loss is made by the borrower, not the lender.

Division 108—CGT assets

Table of Subdivisions
 Guide to Division 108
108‑A What a CGT asset is
108‑B Collectables
108‑C Personal use assets
108‑D Separate CGT assets

Guide to Division 108

108‑1  What this Division is about

      This Division defines the various categories of assets that are relevant to working out your capital gains and losses. They are CGT assets, collectables and personal use assets.
      It also tells you how capital losses from collectables and personal use assets are relevant to working out your net capital gain or loss.
      It also sets out when land, buildings and capital improvements are taken to be separate CGT assets.

Subdivision 108‑A—What a CGT asset is

Table of sections
108‑5 CGT assets
108‑7 Interest in CGT assets as joint tenants

108‑5  CGT assets
 (1) A CGT asset is:
 (a) any kind of property; or
 (b) a legal or equitable right that is not property.
 (2) To avoid doubt, these are CGT assets:
 (a) part of, or an interest in, an asset referred to in subsection (1);
 (b) goodwill or an interest in it;
 (c) an interest in an asset of a partnership;
 (d) an interest in a partnership that is not covered by paragraph (c).
Note 1: Examples of CGT assets are:
• land and buildings;
• shares in a company and units in a unit trust;
• options;
• debts owed to you;
• a right to enforce a contractual obligation;
• foreign currency.
Note 2: An asset is not a CGT asset if the asset was last acquired before 26 June 1992 and was not an asset for the purposes of former Part IIIA of the Income Tax Assessment Act 1936: see section 108‑5 of the Income Tax (Transitional Provisions) Act 1997.

108‑7  Interest in CGT assets as joint tenants
  Individuals who own a *CGT asset as joint tenants are treated as if they each owned a separate CGT asset constituted by an equal interest in the asset and as if each of them held that interest as a tenant in common.
Note: Section 128‑50 contains rules that apply when a joint tenant dies.

Subdivision 108‑B—Collectables

Table of sections
108‑10 Losses from collectables to be offset only against gains from collectables
108‑15 Sets of collectables
108‑17 Cost base of a collectable

108‑10  Losses from collectables to be offset only against gains from collectables
 (1) In working out your *net capital gain or *net capital loss for the income year, *capital losses from *collectables can be used only to reduce *capital gains from collectables.
Note: You choose the order in which you reduce your capital gains from collectables by your capital losses from collectables.