There are a number of exemptions and concessions when it comes to capital gains tax in Australia.
Main Residence Exemption
Your main residence is not subject to capital gains tax. Once your place is deemed to be your main residence, you can rent it out for up to six years without losing your main residence exemption.
More information on capital gains tax and rental properties.
More detailed information on the main residence exemption.
Cars and Motor Cycles
Capital gains and losses relating to a car or motor cycle are ignored.
Decorations for Valour
A capital gain or loss arising from the disposal of a decoration for valour is ignored unless it was purchased by the taxpayer, in which case it would be treated as a collectable.
Collectables costing $500 or less
A capital gain or loss arising from the disposal of a collectables that was acquired for $500 or less is disregarded. The $500 applies to the value of the asset, not the taxpayer’s interest in that asset.