Commonwealth Consolidated Acts

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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 118.10

Interests in collectables

             (1)  This section applies to a collectable you own that:

                     (a)  is an interest in:

                              (i)  artwork, jewellery, an antique or a coin or medallion; or

                             (ii)  a rare folio, manuscript or book; or

                            (iii)  a postage stamp or first day cover; and

                     (b)  you last acquired before 16 December 1995.

             (2)  A capital gain or capital loss you make from the interest is disregarded if the first element of its cost base is $500 or less.



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