Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_1:p3
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 3/9)
Character Range: 10543–13209

example, a boat.

 (3) Other CGT assets are not so well‑known. For example:

 • your home;

 • contractual rights;

 • goodwill;

 • foreign currency.

For a full explanation of what things are CGT assets: see Division 108.

100‑30  Does an exception or exemption apply?

 (1) Once you identify a CGT event which applies to you, you need to know if there is an exception or exemption that would reduce the capital gain or loss or allow you to disregard it.

 (2) There are 4 categories of exemptions:

 1. exempt assets: for example, cars;

 2. exempt receipts: for example, compensation for personal injury;

 3. exempt transactions: for example, your tenancy comes to an end;

 4. anti‑overlap provisions (that reduce your capital gain by the amount that is otherwise assessable).

Note: Most of the exceptions are in Division 104. You will find a full explanation of the possible exemptions in Division 118.

Some exemptions are limited

 (3) Take the family home for example. Generally, you are exempt from CGT when you make a capital gain on disposing of your main residence.

  But this can change depending on how you came to own the house and what you have done with it. For example, if you rent it out, you may be liable to CGT when you sell it.

For the limits on the general exemption of your main residence:
see Subdivision 118‑B.

100‑33  Can there be a roll‑over?

 (1) Roll‑overs allow you to defer or disregard a capital gain or loss from a CGT event. They apply in specific situations. Some require a choice (for example, where an asset is compulsorily acquired: see Subdivision 124‑B) and some are automatic (for example, where an asset is transferred because of marriage breakdown: see Subdivision 126‑A).

 (2) There are 2 types of roll‑over:

 1. a replacement‑asset roll‑over allows you to defer a capital gain or loss from one CGT event until a later CGT event happens where a CGT asset is replaced with another one;

 2. a same‑asset roll‑over allows you to disregard a capital gain or loss from a CGT event where the same CGT asset is involved.

Note: The replacement‑asset roll‑overs are listed in section 112‑115, and the same‑asset roll‑overs are listed in section 112‑150.

Step 2—Work out the amount of the capital gain or loss

100‑35  What is a capital gain or loss?

  For most CGT events:

 • You make a capital gain if you receive (or are entitled to receive) capital amounts from the CGT event which exceed your total costs associated with that event.

 • You make a capital loss if your total costs associated with the CGT event exceed the capital amounts you receive (or are entitled to receive)