A personal use asset is used or kept mainly for the personal use or enjoyment of you or your associates. It isn’t a collectable.

A capital gain on a personal use asset is only subject to CGT if it cost you more than $10,000 to acquire the asset.

Personal use assets also include:

• an option or a right to acquire a personal use asset
• a debt resulting from a CGT event involving a CGT asset kept mainly for your personal use or enjoyment, or
• a debt resulting from you doing something other than gaining or producing your assessable income or carrying on a business.

Examples of personal use assets include boats, furniture, electrical goods and household items.