Commonwealth Consolidated Acts Commonwealth Consolidated ActsThis Division sets out various exemptions for many capital gains and losses.
There are other provisions that provide exemptions from CGT liability, for example, Division 104 (exceptions from CGT events), Division 152 (small business relief) and Division 50 (exempt entities).
Note 1: There are also these exemptions in the Income Tax Assessment Act 1936 :
• section 23AH (about foreign branch gains and losses of companies);
• section 26BC (about securities lending arrangements);
• section 121AS (about demutualisation of insurance companies);
• sections 121EL, 121ELA and 121ELB (about offshore banking units);
• section 159GZZZN (about buy - back and cancellation of shares);
• section 315 (about superannuation and related businesses);
• section 408 (about calculating the attributable income of a CFC).
Note 2: There are also exemptions in Division 54.
Note 3: There are also exemptions in Divisions 315 and 316 (about demutualisation of certain insurers).
Table of sections
Exempt assets
118 - 5 Cars, motor cycles and valour decorations
118 - 10 Collectables and personal use assets
118 - 12 Assets used to produce exempt income etc.
118 - 13 Shares in a PDF
118 - 15 Registered emissions units
Anti - overlap provisions
118 - 20 Reducing capital gains if amount otherwise assessable
118 - 21 Carried interests
118 - 22 Superannuation lump sums and employment termination payments
118 - 24 Depreciating assets
118 - 25 Trading stock
118 - 27 Division 230 financial arrangements and financial arrangements to which Subdivision 250 - E applies
118 - 30 Film copyright
118 - 35 R&D
Exempt or loss - denying transactions
118 - 37 Compensation, damages etc.
118 - 40 Expiry of a lease
118 - 42 Transfer of stratum units
118 - 45 Sale of rights to mine
118 - 55 Foreign currency hedging gains and losses
118 - 60 Certain gifts
118 - 65 Later distributions of personal services income
118 - 70 Transactions by exempt entities
118 - 75 Marriage or relationship breakdown settlements
118 - 77 Native title and rights to native title benefits
Boat capital gains
118 - 80 Reduction of boat capital gain
118 - 85 Special disability trusts