Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In working out your * net capital gain or * net capital loss for the income year, * capital losses from * collectables can be used only to reduce * capital gains from collectables.
Note: You choose the order in which you reduce your capital gains from collectables by your capital losses from collectables.
Example: Your capital gains from collectables total $200 and your capital losses from collectables total $400. You have other capital gains of $500. You have a net capital gain of $500 and a net capital loss from collectables of $200.
The losses from collectables cannot be used to reduce the $500 capital gain.
(2) A collectable is:
(a) * artwork, jewellery, an antique, or a coin or medallion; or
(b) a rare folio, manuscript or book; or
(c) a postage stamp or first day cover;
that is used or kept mainly for your (or your * associate's) personal use or enjoyment.
(3) These are also collectables :
(a) an interest in any of the things covered by subsection (2); or
(b) a debt that arises from any of those things; or
(c) an option or right to * acquire any of those things.
Note: Collectables acquired for $500 or less are exempt. However, you get an exemption for an interest in one only if the market value of all the interests combined is $500 or less: see Subdivision 118 - A.
(4) If some or all of a * capital loss from a * collectable cannot be applied in an income year, the unapplied amount can be applied in the next income year for which your * capital gains from * collectables exceed your * capital losses (if any) from collectables.
Example: You have a capital gain from a collectable for the income year of $200 and a capital loss from another collectable of $600.
Your capital loss from one collectable reduces your capital gain from the other to zero. You cannot apply the remaining $400 of the capital loss in this income year, but you can apply it in a later income year.
(5) If you have 2 or more unapplied * net capital losses from * collectables, you must apply them in the order you made them.