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Answered in 5 hours by:
4/8/2012
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedGood Morning
You will need to make sure that you get a depreciation report for the building.
The rates change depending on the years.
Here is a line that will assist you.
http://www.writeitoff.com.au/tax.html
Look at the heading
Rates of depreciation for Construction Costs (Capital Works)
You should also speak to an accountant.
I hope this is of assistance and if so please click on the accept button.
Good Afternoon,
It is impossible for me to put any dollar value. Generally in these types of cases you will obtain a detailed depreciation report from experienced people who do this type of work.
They then also assess and give you the best options on how to depreciate the building.
Here are some links from companies that provide you with the reports.
http://www.washingtonbrown.com.au/depreciation-report?gclid=CJ3qqNSap68CFUlNpgodXi8uWQ
http://www.taxshield.com.au/
http://www.propertydepreciationreport.com.au/landing.htm?gclid=CMKdxemap68CFYVMpgodogFqWg
it is not simply picking a figure at the air and using that to depreciate.
When you buy the new unit if that is what you decide to do, they should provide you with a report and you will appreciate it from that information.
I hope this is of assistance and if so please click on the accept button.
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedLeon and 87 other Australia Law Specialists are ready to help you
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