Exemptions CGT 2020

Some capital gains are exempt that you don’t need to include in your assessable income. Also, if you made losses, you can not use as offsets a capital gain to reduce your assessable income.

Exemptions include capital gains or losses for:

• Your main residence with some exceptions
• your car , Car will define as motor vehicle which carry a load of less than one tonne and nine passenger or less to carry
• Personal use items who have value for less than $10,000
• Collectables who have value for $500 or less
• Depriciating assets used for taxable purposes
• If you buy property before 20 September 1985 which is called ‘Pre-CGT assets’
• Assets that produce exempt income or some types of non-assessable non-exempt income
• If you get injured at your workplace and get compensation or damaged received for any occupation
• Winning or losses from gambling or game
• You get paid back or any payment of your expenses under following scheme like

Unlawful Termination Assistance Scheme

Alternative Dispute Resolution Assistance Scheme

M4/M5 Cashback Scheme

• • a scheme established by an Australian Government agency, a local government body or foreign government agency under an act or other legislative instrument, In this description expenses does not include loss, destruction or transfer of an asset
• the transfer of a super interest in one small super fund 
• Have relation with superannuation agreement
• A CGT event happened after CGT event
• Some payments happened with a general insurance policy, life insurance policy or annuity instrument
• If you have shares in poll development fund
• Shares of certain profits, gains or losses from disposal of investments by capital entities
• Some type of gifts like will