Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_14:p38
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 14 (pt 38/40)
Character Range: 126721–129306

a *collectable cannot be applied in an income year, the unapplied amount can be applied in the next income year for which your *capital gains from *collectables exceed your *capital losses (if any) from collectables.

Example: You have a capital gain from a collectable for the income year of $200 and a capital loss from another collectable of $600.

 Your capital loss from one collectable reduces your capital gain from the other to zero. You cannot apply the remaining $400 of the capital loss in this income year, but you can apply it in a later income year.

 (5) If you have 2 or more unapplied *net capital losses from *collectables, you must apply them in the order you made them.

108‑15  Sets of collectables

 (1) This section sets out what happens if:

 (a) you own *collectables 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.

Example: You buy a set of 3 books for $900. 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 non‑capital costs 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