What assets does CGT apply to?

• CGT only applies to assets acquired after 19 September 1985.
• Assets acquired before this time are called pre-CGT assets and different taxation rules may apply to their disposal.
• Assets acquired after this date (CGT assets) are divided into three categories:
  • collectables;
  • personal use; and
  • other assets.
• CGT is payable on collectables if their cost of acquisition was over $500.
• CGT is not payable on personal use assets unless their cost of acquisition was over $10,000.
• CGT is payable on most other assets including shares, goodwill, leases and property unless some other exemption such as the main residence exemption applies.
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