CGT Exemptions

There are a number of assets that are exempt from CGT some of which are listed below.

Main Residence Exemption

A person's main residence will be exempt from CGT on disposal, subject to meeting the requirements. Please see the separate main residence exemption section.

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.

If you are unsure as to whether your asset disposal may be subject to a CGT exemption, you should seek professional advice from your tax agent.