To get the best tax deductions available for depreciation on a commercial building fit-out you will need to:

• Have an independent valuer prepare a fit-out valuation immediately purchasing a property.
• They will need to provide a report that splits out fit-out items with the appropriate value for each item.

Please note: If you don't get an independent valuer to do this fit-out report you will not be able to claim any depreciation – which means less tax benefits for you. Unfortunately Inland Revenue don't allow the rates value or a registered valuation of the property to be used for determining a fit-out value.

Posted 20/08/2015

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