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Building Depreciation
Effective for 2012 financial year depreciation on buildings with an estimated useful life of over 50 years will cease.
Examples of Buildings with an estimated useful life of less than 50 years and can still be depreciated
- Chicken shed
- Cow shed
- Wintering barns
- Barns
- Temporary buildings
Commercial Buildings
The fit-out of commercial buildings is still depreciable
A one-off adjustment is available in 2012 financial year to compensate for removal of building depreciation if not previoulsy separated in the asset schedule. 15% of buildings tax book value can be depreciated on 2% straight-line basis.
At time of sale, no deduction for losses or depreciation recovered is returned.
It is therefore advisable to separate fit-out at time of purchase.
Accounting Services / Taxation / Key Facts / Depreciation allowances
