Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In working out your * net capital gain or * net capital loss for the income year, any * capital loss you make from a * personal use asset is disregarded.
(2) A personal use asset is:
(a) a * CGT asset (except a * collectable) that is used or kept mainly for your (or your * associate's) personal use or enjoyment; or
(b) an option or right to * acquire a * CGT asset of that kind; or
(c) a debt arising from a * CGT event in which the * CGT asset the subject of the event was one covered by paragraph (a); or
(d) a debt arising other than:
(i) in the course of gaining or producing your assessable income; or
(ii) from your carrying on a * business.
Note 1: There is an exemption for a personal use asset you acquire for $10,000 or less: see section 118 - 10.
Note 2: A debt arising from a CGT event involving a CGT asset kept mainly for your personal use and enjoyment is a personal use asset to prevent any loss arising from the debt being a normal capital loss.
(3) A personal use asset does not include land, a * stratum unit or a building or structure that is taken to be a separate * CGT asset because of Subdivision 108 - D.