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  #   152-031 - Supermarket Building

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  This paper analyses the records to be kept for a building that is purchased for use as a supermarket but the comments contained in the paper could be utilised for any building that is being purchased as a retail building. The paper considers a number of activities including: purchase of a superm ...[Read more](#hikashop_show_tabular_description)

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 This paper analyses the records to be kept for a building that is purchased for use as a supermarket but the comments contained in the paper could be utilised for any building that is being purchased as a retail building.

The paper considers a number of activities including:

- purchase of a supermarket building and the type of key issues that should be taken into account in determining whether the building is a suitable building for the conduct of the business from it, in this case the paper considers the building as a supermarket building;
- what is the zoning;
- is the location correct;
- what traffic counts have been obtained for the building;
- what pedestrian counts;
- where are competitors buildings situated;
- are there adequate parking facilities;
- what is the age of the building;
- what building allowances are available under the income tax act;
- what plant and equipment is included in the supermarket building;
- review of depreciation;
- comment on any repairs and maintenance undertaken within 12 months of acquisition;
- is the ownership of the building by the most suitable entity;
- where is the title deed;
- is the building properly insured;
- what valuations have been obtained;
- how is the building entered in the business' balance sheet;
- have GST issues been properly considered;
- brief commentary on capital gains tax is included;
- the concept of treating the building as a profit centre is also discussed.

The paper is linked to the Capital Gains Tax - Introduction Paper.