Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 118.10

  (1)   This section applies to a collectable you own that:

  (a)   is an interest in:

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

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

  (iii)   a postage stamp or first day cover; and

  (b)   you last acquired before 16   December 1995.

  (2)   A capital gain or capital loss you make from the interest is disregarded if the first element of its cost base is $500 or less.