What Happens to Business Property Assets When Selling?

Quick Answer

When you sell your business, any property assets like buildings or equipment are typically included in the sale. The sale triggers a Capital Gains Tax (CGT) event, and you may need to adjust for depreciation recapture under **Division 40** and **Division 43** of the ITAA 1997. Consult a Chartered Quantity Surveyor and your accountant to navigate these complexities.