If you have a collectable that costs over $500, it’s a CGT asset that you have to account for when calculating CGT.

A collectable is any of the items listed below that is kept or used mainly for you or your associates’ personal use and enjoyment.

The people who may be associates is broad. Examples of associates may include relatives like your spouse or children, a partner you’re in a partnership with and their spouse or children and a company you can control or influence.

Collectables that you and your associates may use include:

• artwork
• an item of jewellery
• an antique
• a coin
• a medallion
• a rare folio, manuscript or book
• a postage stamp or a first day cover.