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It will only be when the building was acquired post-CGT.

For subsection 160P(2) of the Income Tax Assessment Act 1936 to apply, the building must have been: (i) constructed on pre-CGT land (see TD 93/D79); and (ii) acquired post-CGT.

Therefore, unless a building was acquired post-CGT, it would not be an asset separate from the land on which it stands. Note: Any capital improvements on relocation may be treated as an asset separate from the land under subsection 160P(6). Example 1 X acquired a building on Block A in 1979. In 1989 X relocated the building from Block A to Block B which X acquired in 1984. The building is not a separate asset from Block B and retains its pre-CGT status. Example 2 Y acquired a building on Block C in 1988. In 1992 Y relocated the building from Block C to Block D which Y acquired in 1983. The building is treated as an asset separate to Block D and retains its post-CGT status.