Hi @Gregoryg,
Welcome to our Community!
There are many things to consider when working out if the sale of an asset is a CGT event, including:
- The time a CGT asset is acquired - generally speaking, CGT doesn't apply to assets purchased prior to 20 September 1985. Find out more about CGT exemptions in our Guide to capital gains.
- The type of property you have (i.e. block of land, dwelling, commercial space)
- Whether the property is used for residential or business purposes. Different uses of a property (for example, if the property was intended to be used as a residential or commercial rental, or if the property was used as a home office) may lead to different CGT implications - check out our Property guide for more.
You can ask us to provide written advice on how we think tax law applies to your specific circumstances by requesting a private ruling. Private rulings are a free service we provide, and we aim to respond within 28 days of receiving your request.
Thanks.
