Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-1
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CAPITAL GAINS AND LOSSES: GENERAL TOPICS
Division 118
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Exemptions
Subdivision 118-A
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General exemptions
Exempt assets
SECTION 118-5 118-5 Cars, motor cycles and valour decorations
A *capital gain or *capital loss you make from any of these *CGT assets is disregarded:
(a) a *car, motor cycle or similar vehicle;
(b) a decoration awarded for valour or brave conduct (unless you paid money or gave any other property for it).
View history note
Hide history noteSECTION 118-5 118-5 Cars, motor cycles and valour decorations
A *capital gain or *capital loss you make from any of these *CGT assets is disregarded:
(a) a *car, motor cycle or similar vehicle;
(b) a decoration awarded for valour or brave conduct (unless you paid money or gave any other property for it).
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