Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 118 - Exemptions  

Subdivision 118-A - General exemptions  

SECTION 118-10   Interests in collectables  

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.

118-10(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.