Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 100.25

  (1)   Most CGT events involve a CGT asset. (For many, there is an exception if the CGT asset was acquired before 20   September 1985.) However, many CGT events are concerned directly with capital receipts and do not involve a CGT asset.

See the summary of the CGT events in section   104 - 5.

  (2)   Some CGT assets are reasonably well - known:

•   land and buildings, for example, a weekender;

•   shares;

•   units in a unit trust;

•   collectables which cost over $500, for example, jewellery or an artwork;

•   personal use assets which cost over $10,000, for 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.