Money Doesn’t Come Without Guidance ...
Capital Gains Tax (CGT) applies to the capital gain made on the disposal of any asset, except for specific exemptions such as main residence, personal use items, collectables depreciating assets, goodwill, foreign currency and other related items. So, the CGT exemption for the collectables includes the following items:
The CGT exemptions for collectables also include an interest earned or a debt that arises
from any of those items. However, if a collectable was acquired for $500 or less, then it is exempted from the CGT rules. So, it will be disregarded and there will be no capital gain or loss. On the other hand, if you acquired the collectable for more than $500, then the normal rule will apply. The losses of capital from collectables can be used to decrease capital gains from collectables; for example, future capital gains would be adjusted with losses.
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