All Topics / Legal & Accounting / 15 yr rule..Cost base…for CGT

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  • Profile photo of woodsmanwoodsman
    Member
    @woodsman
    Join Date: 2004
    Post Count: 714
    March 9, 2004 - 3:29 pm

    Does anyone know or heard that if you keep a property for 15 years, any depreciation claimed over that period of time does not need to be incoporated into cost base of the property. Is this correct?

    James

    Profile photo of melbearmelbear
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    @melbear
    Join Date: 2003
    Post Count: 2,429
    March 10, 2004 - 9:36 am

    Never heard that one. Can’t believe it either, that sounds like the government is not clawing back all the money that they can. If you get confirmation either way, it would be good to know.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
    Join Date: 2003
    Post Count: 2,429
    March 10, 2004 - 9:39 am

    Actually, on second thoughts, I think that there might be a basis in that for commercial properties, but not residential, and I think they have to be owned in your own name to get this benefit.

    Cheers
    Mel

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