Property Tax Tip: Tax Depreciation Opportunity
Here is a property tax tip that is often overlooked: claiming depreciation.
When you buy a property, you can separate out items of commercial fit out for depreciation purposes. Along with the fit out, one item often overlooked is depreciable land improvements like hardstanding areas such as car parks, as separate assets. These hard standing areas could just be base course. The diminishing value rate for car parking pads is 4% and the diminishing value rate for walkways, which could include curbing and channeling, is 8%. And not to forget perimeter fencing which is depreciable at 10%.