capital gains and building write off

Hi Jim,

I meant what he writes in the Sunday Mail. I don’t usually bother buying it here in Melbourne [

Rod.

Noel’s article was in today’s Sunday Mail, but it was a bit vague on the specifics. He explains the difference between prime cost and dim. value on fittings, and then writes: “But if you sold the depreciated asset the proceeds would have to be included in your taxable income” He then writes that “sellers might want to incorporate a schedule that apportions the sale price between the building and the fixtures and fittings to minimise the tax they pay on sale”. He adds that the buyer is not bound by this schedule, and they are free to use the figures obtained from their Q/Surveyor.
He writes about the building write off being deducted from the cost base, but does not mention the words “cost base” in relation to fittings, only what I wrote above.
So… I’m no wiser after this article. Come on all you accountants, can you please clarify all this for us????
Thanks, Jim.