A commercial office tower presents valuable depreciation deductions for both owners and tenants, maximising the financial benefits associated with the property.
For Owners:
As an owner of an office space, you can claim significant depreciation deductions for various components of the building. This includes the structure itself, such as the walls, roof, flooring, and foundation. Additionally, the fixtures and fittings within the office spaces, such as lighting, air conditioning systems, elevators, and security systems, are also depreciable.
Depreciation deductions are calculated based on the diminishing value or the prime cost method, considering the estimated useful life of each depreciable item. By engaging TDA Tax Depreciation you can ensure accurate and thorough Tax Deprecation Reports are maximised allowing you to claim every possible deduction. This might even include the common areas to the facility.
For Tenants:
As a tenant of an office space, you can also benefit from depreciation deductions for any fit-out improvements made to the leased space. This includes the installation of partitions, carpets, built-in cabinetry, electrical and data wiring, and any other assets that are specific to your business needs.
The depreciation deductions for tenant improvements are typically claimed over the lease term or the effective life of the asset, depending on the nature of the improvement.
Engaging with Tax Deprecation Australia will ensure every element of you fit out and business is correctly depreciated. A complete and thorough assessment of the property will be carried out with a comprehensive Tax Deprecation Report being prepared. To find the likely deductions your eligible for please call 1300 417 317 or click the chat button to engage with Tax Depreciation specialist right now.