Collectables

Collectables include below listed items for personal use or enjoyment includes:

  • paintings, sculptures, drawings, engravings or photographs; reproductions of these items; or property of a similar description or use
  • jewellery
  • antiques
  • coins or medallions
  • rare folios, manuscripts or books
  • postage stamps or first day covers.

A collectable is also:

  • an interest in any of the items shows above
  • A debt come from any of above items
  • An option of those above iteams

You disregard any capital gain or loss you make from a collectable if any of the following apply:

  • If you have collectables vale $500 or less
  • If you get interest in the collectables and have value for $500 or less and acquired before 16 December 1995
  • If you get interest in the collectables and have market value of $500 or less

If you dispose of individual collectables after 16 December 1995 , You are exempt from paying CGT and have value $500 or less.

Capital losses help to reduce liability of capital gains from other collectables. However, If you don’t get any capital gain from other collectables in the same year, You will carry forward the losses in the future year. There is no such timeframe to carry forward the past losses in the future year for net capital loss on the collectables.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

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