I am going through an inventory of the assets owned by my company and I am a little confused about what is considered as a CGT asset.
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Answer by Neha Sharma, Hillsdale 2036 NSW
- A CGT asset is defined under section 108.5 of the Income Tax Assessment Act 1997 (Cth) as:
- any kind of property; or
- a legal or equitable right that is not property.
- It also includes:
- goodwill or an interest in it; and
- an interest in an asset of a partnership.
- Examples of CGT assets include among others:
- land and buildings owned by the company;
- shares in a company and units in a unit trust;
- debts owed to you; and
- foreign currency.