The Australia and New Zealand Governments announce depreciation benefits for owners of commercial property

Australia

The Australian Government has announced two short term incentives for the depreciation of Division 40 depreciating assets, used or ready for use, for a taxable purpose between 12 March 2020 and 31 December 2020.

CBRE’s Depreciation Team has collated the following document to help you understanding how you could benefit – ensuring you are able to identify the correct application based on your eligibility criteria and the timing of your transaction and/or capital works timing.

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New Zealand

The New Zealand Government has announced that effective from the 2020/21 income year, commercial and industrial buildings (including seismic expenditure) will once again be able to be depreciated from the current rate of 0% to 2% using a diminishing value method or 1.5% straight line.

As quantity surveyors, the CBRE team is best placed to determine the cost base for the depreciable building component and review your existing portfolio to bring into account the depreciation available.
 
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