Income tax: capital gains: can property or a right that does not have a 'market value' be a CGT asset?

Yes. Property or a right can be a CGT asset even if it has no market value.

The existence of a CGT asset is not dependent on its having a market value. The definition of 'CGT asset' in subsection 108-5(1) of the Income Tax Assessment Act 1997 does not impose any such condition.

We invite you to comment on this Draft Taxation Determination. We are allowing 4 weeks for comments before we finalise the Determination. If you want your comments considered, please provide them to us within this period. Comments by Date: 10 September 1999 Contact officer details have been removed following publication of the final ruling.