Did you know you can claim deductions in the form of property depreciation for an industrial property?
Legislation set by the Australian Taxation Office (ATO) allows the owners of any income producing property to claim depreciation.
Depreciation deductions are due to the decline of a building and apply to both the structure of the building (via a capital works deduction) and to any plant and equipment assets contained within the property.
An investor’s depreciation benefits will vary depending on the type of building, its age, its use, its size and its fit out. In commercial and industrial buildings a tenant is also entitled to claim depreciation for any fit out they install in the property once their lease starts. For these reasons it is very important to consult with an expert to find out what deductions are available.