Melbourne, 23 February 2014 – An increased client focus on maximising returns has led CBRE to launch a unique depreciation tool with the potential to deliver tangible cost savings to property owners.
The Fixed Asset Register Reporting (FARR) system is specifically designed to allow for existing depreciation schedules to be regularly updated and to ensure that all depreciation allowances are maximised.
Developed in-house, the system has been launched by CBRE’s expanding Capital Allowances team, which specialises in the preparation of depreciation schedules and the provision of associated advisory services. The team also assists CBRE agents with the preparation of indicative depreciation schedules for new sales campaigns.
CBRE National Director, Capital Allowances, Neale Scott said the FARR system was unique to the Australian market and would allow the team to work much closer with asset managers and accountants to ensure all alterations, disposals and tenancy changes were analysed and assessed throughout the life of a property.
“The system captures and incorporates any capital works undertaken to a property into a single, accurate and up-to-date schedule for tax reporting requirements,” Mr Scott said.
“At present, many of our clients have multiple depreciation schedules for any one property. FARR allows all these to be incorporated into one report providing a single, consolidated tax deprecation register which can be updated on a regular or ad hoc basis. It also does away with the need for expensive in-house resources to update depreciation schedules.”
Mr Scott said owners were increasingly recognising the need to better manage capital allowances to improve the overall financial performance of their property holdings.
“In today’s market it has become increasingly apparent to owners that the effective management of capital allowances is essential in order to maximise property performance.”
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