Quote:
Originally Posted by Wazza
Hey Spook,
I'm FAIRLY sure that the sale of a private vehicle does not attract Cap Gains tax.
Had a bit of a google, and found the following on one of the tax websites,
The exemptions from capital gains tax Australia are mentioned specifically. The exemption law is applied to all kinds of assets from tangible to intangible and from owned outright to partial interest assets. Here is a list of some of the assets that enjoy capital gains tax exemption in Australia:
Any asset that is purchased before 20th September 1985 till its original owner is surviving.
The personal use assets purchased for up to $10,000 including electrical equipments, furniture and boat.
The main residence of the taxpayer whose adjacent 2 hectares are in domestic use.
Cars and small motor vehicles.
Compensation received for the personal or occupational injury.
Sold life insurance policies.
Shares bought in the pooled development funds.
Notes and bonds sold at discount.
Payments received from government-designed schemes like the industry restructuring schemes.
Collectables purchased for up to $500
Gambling wins and losses.
Trading of stocks.
but I'll check with my accountant tomorrow.
I could be wrong....first time for everything
Cheers,
Warren. |
El Presidente,
I copied this straight off the ATO website.
"Guide to capital gains tax 2008-09
Exemptions and rollovers
There are exemptions and rollovers that may allow you to reduce, defer or disregard your capital gain or capital loss.
.............
Exemptions
...........
Capital gains and capital losses that are also
disregarded include those you make from:
a car (that is, a motor vehicle designed to carry a load of less than one tonne and fewer than nine passengers) or motorcycle or similar vehicle ..."
SO, unless your Cobra has more than 9 seats...you should be ok.
Also, your last point about trading of stocks, it
DOES attract Capital Gains Tax.
regards
Mick