Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_14:p37
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 14 (pt 37/40)
Character Range: 124230–126967

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: A capital gain or loss from a CGT asset is disregarded if the asset was last acquired before 26 June 1992 and was not an asset for the purposes of 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.

Example: Your capital gains from collectables total $200 and your capital losses from collectables total $400. You have other capital gains of $500. You have a net capital gain of $500 and a net capital loss from collectables of $200.

 The losses from collectables cannot be used to reduce the $500 capital gain.

 (2) A collectable is:

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

 (b) a rare folio, manuscript or book; or

 (c) a postage stamp or first day cover;

that is used or kept mainly for your (or your *associate's) personal use or enjoyment.

 (3) These are also collectables:

 (a) an interest in any of the things covered by subsection (2); or

 (b) a debt that arises from any of those things; or

 (c) an option or right to *acquire any of those things.

Note: Collectables acquired for $500 or less are exempt. However, you get an exemption for an interest in one only if the market value of all the interests combined is $500 or less: see Subdivision 118‑A.

 (4) If some or all of a *capital loss from 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