Recent fires, floods, earthquakes, cyclones and third party mandates have compelled significant outlays on building refurbishment. The task of characterising the refurbishment outlays is complex and brings into focus many facets of tax law including balancing adjustments, CGT events and rollovers. This session explores the repair/improvement dichotomy raised by outlays incurred to refurbish buildings incorporating practical case studies around:
- Refurbishing buildings damaged by fires, floods, vehicle impacts and even earthquakes
- Raising or jacking up buildings in flood areas
- Mandated improvements for tenant; and
- Problematic foundations and collapsing balconies in high rise buildings.