Building Write Off

Overview

Published: 30/08/2016

by BMT

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An investor's depreciation benefits will vary depending on the typ of building, its age, its use and its' fitout.

Depending on the age of the building, you can either claim 2.5% or 4 % of the property's historical construction cost for the capital works allowance

The deductions for plant and equipment items contained in both residential and commmercial properte will depend on the assets  individual effective lives as set by the Australian Taxation Office 

It is recommended for propety investors to contact a specialist Quantity Surveyor for advice on the depreceiation that will apply to their building   The Quantity Surveyor will arrange a site inspection to take measurements to estimate the structural costs and to asses what plant and equipment items the buiding contains.  hey will then provide a tax depreciation schedule outliining all of the claims available for the property owners Accountant to use this informationwhen they complete their  annual tax assessment.

 

If you would like more information please contact one o BMT Tax Depreciation expert staff on 1300 728 726