a decoration awarded for valour or brave conduct (unless you paid or exchanged property for it).Specific exemptions such as awards and payouts However, if you have used a depreciating asset for private purposes, CGT may apply. Gains or losses made on these assets are treated as assessable income or claimed as deductions. Depreciating assetsĬGT does not apply to depreciating assets used solely for taxable purposes. This applies to foreign currency held as cash and CGT assets denominated in a foreign currency (such as an overseas rental property). A capital gain or loss arises from the acquisition or disposal of foreign currency when there is a fluctuation in the exchange rate. You make a capital gain or loss on fluctuations in the foreign currency exchange rate.įoreign currency is subject to foreign exchange gains and losses. Foreign currencyįoreign currency is subject to CGT. For example, granting a lease is a CGT event. Intangible assetsĪ number of CGT events, other than disposal, can happen to these assets. If you dispose of collectables individually that would usually be disposed of as a set, they are exempt only if you acquired the set for $500 or less after 16 December 1995. If you make a capital loss on a collectable you can only deduct it against capital gains from collectables, not from other capital gains. you acquired a share in the collectable when the collectable had a market value of $500 or less.you acquired a share in the collectable for $500 or less before 16 December 1995.you acquired the collectable for $500 or less.If you dispose of personal use assets individually that would usually be sold as a set, you get the exemption only if you acquired the set for $10,000 or less. your main residence, which is generally exempt from CGT.collectables – these may be subject to CGT.The following are not classed as personal use assets: making a private loan to a family member or friend.a CGT event involving a CGT asset kept for your personal use.an option or right to acquire a personal use asset.Personal use assets are CGT assets that you keep for your personal use or enjoyment. This means you cannot use a capital loss on a personal use asset to reduce capital gains on other assets (including other personal use assets). Personal use assetsĪ capital gain on a personal use asset is subject to CGT if it cost you $10,000 or more to acquire the asset.Ĭapital losses on personal use assets are ignored.
Cryptocurrency is a personal use asset if it is kept or used mainly to purchase items for personal use or consumption. If the cryptocurrency is a personal use asset, capital gains or losses from disposing of it may be exempt from CGT. CryptocurrencyĬGT may apply when you dispose of your cryptocurrency. This includes when you sell them or receive a distribution (other than a dividend) from a managed fund. Shares and unitsĬGT applies to shares, units and similar investments when a 'CGT event' happens. Your car or motorcycle is exempt from CGT.Ī car is defined as a motor vehicle that carries a load of less than 1 tonne and fewer than 9 passengers. Your main residence (your home) is exempt from CGT.ĬGT does not apply when an eligible granny flat arrangement is created, varied or terminated. Your main residence is generally exempt from CGT. If you acquired property before 20 September 1985, any property improvements or additions you make after that date may be subject to CGT. Specific exemptions such as awards and payouts.assets you acquired before CGT started on 20 September 1985.exempt assets, such as your home and car.Capital gains tax (CGT) applies to assets you sell or dispose of, except for: