Hi all, the previous question about Capital Gains tweaked my interest because we just sold off our Industrial Estate block and I hadn't given much thought to capital gains. We bought the block in 1998 for 26,250.00 financed 18,700.00 through the Council. Paid off in full 2001.The reason we bought it was the council, in their infinate wisdom, decided that an Industrial Estate out of town was the way to go so all "Industry" was encouraged to move there. We had a wrecking yard at the time which we were running on our 9 acres, so to shut them up we bought the block. When it came to developing though the council were horrified that we would make a blemish on their pristine little playground and refused our application, they offered to swap our main road frontage block with a less visible one at the back. Bless them!!!!
Since then we have closed the business and are relocating back to Qld, been a horror year for illnesses in the family so time to go back. We sold the block to the second person to make an offer on it (ever) for 57,000.00. Does the previously mentioned 50% capital gains cut apply here? or is it Capital Gains on the whole amount over the purchase price? and I have never made a claim on tax for anything spent on the block, rates, slashing, advertising etc, can I put these costs against the 'profit'? Thanks in advance for your views
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