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Generally any income producing building constructed after 21 August 1984 together with associated plant and equipment can be depreciated, and a tax deduction claimed. For older buildings any structural improvements to, or additional equipment installed, after that date is claimable.
The tax regulations on Capital Works deductions and Depreciation on plant are complex and have been recently modified by the ATO since their introduction. The claims available will vary dependant on a number of factors such as- date of construction, type of business operated, age of plant when purchased, and which method of calculation or legislation that the ATO considers applicable in that particular situation. There are also options, which may be allowable if the taxpayer chooses- such as the Simplified Tax System, or use of a Low Value Pool method.
Tax Ruling TR 97/25 from the ATO requres that- where actual building costs are not known- any estimate must be prepared by an appropriately qualified person, such as a "quantity surveyor" experienced in the type of construction. "Unless they are otherwise qualified, valuers, real estate agents, accountants and solicitors generally have neither the relevant qualifications nor experience to make such an estimate."
R J Vaughan & Associates have both the qualifications and experience.
No matter how large or small your property, we undertake to provide accurate, and thorough depreciation schedules, for a reasonable fee.