Sale of pre 1985 retail property

Discussion in 'Accounting and Tax' started by belleran, 12th Jun, 2015.

  1. belleran

    belleran belleran

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    I am I right in thinking that proceeds from the sale of a pre 1985 property will not be taxable at all?
     
  2. depreciator

    depreciator Member

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    Did you buy the property before CGT came in?
     
  3. belleran

    belleran belleran

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    Yes the property was bought pre 1985 ie 1984 before the CGT introduced.
     
  4. Terry_w

    Terry_w Member

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    Probably completely tax free in that case.

    Any post 1985 construction?
     
  5. jrc

    jrc Member

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    Although you have described the property as bought pre 1985, has it changed ownership at all during that time eg death of joint tenant, inheritance, gift?
     
  6. belleran

    belleran belleran

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    No post 1985 construction just maintenance and remodelling existing premises.

    No change of ownershhip. It is a tenants in common ownership.
     
  7. Scott No Mates

    Scott No Mates ...and people wonder why?

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    Construction = remodeling. Just depends upon to what extent you have remodeled.
     
  8. Paul@PFI

    Paul@PFI Tax, SMSF & Planning

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    This issue would merely result in a separate CGT asset if that cost exceeded the relevant threshold for a separate asset in that post-CGT year. So apportioning between pre-post CGT is needed so one is tax free and other isnt.
     
  9. coastymike

    coastymike Member

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