Q: During the traumatic Lismore floods in February 2022, our family business in a building with two residential rental flats above the shop, and a detached studio out the back with flood storage, were severely damaged and we were trapped and had to be rescued. We are now negotiating a buyback of the building (which cost us $180,000 in 2004) with the NSW Reconstruction Authority for $600,000, inclusive of GST and a separate sale of the GST-registered business as a going concern for $100,000 plus GST. My questions are: will we still be liable for GST on the sale of the building as the government offer price is GST-inclusive? The business will be moved and the building demolished. If we contribute the sale proceeds into our super, will we be liable for capital gains tax? We have a modest amount of $650,000 combined in our superannuation, are in our 60s and now wish to retire. Ian.

A: For many people who suffer major losses from a life-changing event like the natural disaster you and your family experienced, the actual event can frequently be the tip of the iceberg.