Whilst I realise this question needs professional advice, I'm hoping someone can give a brief answer to what happens in this situation. A block of land was purchased by a member of my family prior to Sept 1985. In approx 1987, residential units were built on that land and they have been rented out for the last 20 years. If those units are now to be sold I am assuming that the Land component would be CGT free and the Building component would be subject to CGT. If that is correct, how is the Capital Gain apportioned between the land and the building?