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Ralp report

Discussion in 'Accounting, Tax & Legal' started by einstein, 28th Dec, 2012.

  1. einstein

    einstein New Member

    Joined:
    27th Dec, 2012
    Posts:
    2
    Location:
    Tully Heads Queensland
    Hi, My wife & self are at retiring age (73). We have a company we are winding up. This requires disposal of company assetts. Our QLD property/residence is owned by the company & has been for 22 years. We are considering selling the property & moving to a retirement village My question is : I seem to remember the Ralph report, one of the recommendations was, if an assett was held in excess of 15 years the capital gains tax was negated. Was this recommendation adopted by the gov. ?? If not the only recourse for us is to tranfer the property to us & pay a large stamp duty, wait 12 months & sell with no capital gains payable.
    Thanks, einstein
     
  2. Superman

    Superman Well-Known Member

    Joined:
    6th Nov, 2007
    Posts:
    343
    Location:
    Gold Coast, QLD
    Hi Einstein,

    Is the property a farm / production property? (or has is been in the past?)

    There is the 15-year exemption for business assets where you meet certain conditions:
    15-year exemption - capital gains tax concession for small business

    You definitely need to get some advice specific to your situation.

    If you like I can refer you to a colleague (QLD based in my office) who knows the CGT concessions inside and out (I am a little rusty to be honest).

    Thanks
    SM
     
  3. einstein

    einstein New Member

    Joined:
    27th Dec, 2012
    Posts:
    2
    Location:
    Tully Heads Queensland
    Ralph Report

    Thank you SM for your response. The property is not or ever been commercial. We purchased the block of land 1990 & at that time accountants advised us to buy in the company name. We decided to build our residence on the block 1992 & have lived there since. Unfortunately now we are retiring it has come back to bite us, the company now owns the improved value & the financial consequences of changing ownership or selling are horrific. We decided to bite the bit & have lodged the transfer papers to the QLD office of revenue, they would be close to being processed at this moment. Having said that i have read the gov documentation re CGT kindly supplied the thread of. Of course i am not qualified to interpret the intric legalities involved, but i do read into it that we qualify for CGT exemption. If we go ahead with selling in the company name and i am wrong about qualification, the CGT impost will be enormously more than the course we are following currently. So it is important we get it right. I will appreciate if you supply your contact info whom has expertise in this matter. Time of course will be the essence, as the paperwork for plan A is underway, but not too late to change yet. Thanks once again, einstein